Manhattan Luxury Real Estate Has Weakest Week Since 2020 Pandemic Peak   - The Jewish Voice
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Saturday, June 10, 2023

Manhattan Luxury Real Estate Has Weakest Week Since 2020 Pandemic Peak  

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By:  Benyamin Davidsons 

The number of contracts sealed for Manhattan residential properties valued at $4 million and above had their weakest week since the summer of 2020—which was the peak of the pandemic.

As reported by Crain’s NY, the weekly report by Olshan Realty showed that only eight such luxury contracts were signed last week.  The previous week there were 16 luxury contracts signed. The 10-year average for the number of contracts sealed in the third week of August is more than double that–at 17, as per the Olshan data.  In the first week of August 2020, during the Covid-19 pandemic, there had been just six contracts signed for $4 million and above.  In 2021, on average there were 36 luxury contracts signed weekly, and the year broke the record in luxury Manhattan home sales– with 1,877 signed contracts totaling close to $16 billion. Last week, the eight luxury sales had a total sales volume of $61.6 million, making the average asking price about $7.7 million.

As per Crain’s, after the pandemic, the luxury market had rebounded vigorously, but since this May, there has been a significant slowdown evident. By the middle of May, the average number of signed contracts dropped to 23 per week, the lowest number since the 2022 began, and below the 10-year average of 26 contracts weekly for the time frame, as per Olshan.  The hefty decline could be a factor of rising interest rates, the struggling stock market and a migration of residents leaving Manhattan for the summer, said the real estate firm’s President, Donna Olshan.

The most expensive home to close last week was No. 17/18A at 100 11th Ave in Chelsea overlooking the Hudson River. The home was asking close to $15 million when it had been listed in November. The duplex condo boasts 4 bedrooms, 7 bathrooms, and it spans 8,372 square feet.  The home features unobstructed water and city views and encompasses the entire 18th floor and a large chunk of the 17th floor.  The seller had purchased it in 2009 for $19.4 million. The building, built in 2007, has a fitness center, an indoor/outdoor lap pool, sauna, screening room, full-time doorman and concierge.

The second most expensive contract for the week was for No. 10B at 155 W. 11th St. in Greenwich Village. The asking price was $10.5 million, as per Crain’s. The 2,400-square-foot condo features 3 bedrooms, 3.5 bathrooms, and floor-to-ceiling windows to show off the skyline and courtyard garden views.  It also boasts a 24-foot-wide terrace off the living room.  The seller had purchased the home in 2016 for $8.4 million. It is in one of the most sought-after buildings in the city– developed by the Rudin Family, with architecture by FXCollaborative, and interiors by Thomas O’Brien.  Amenities include a fitness center, 25-meter swimming pool, whirlpool, steam rooms, golf simulator, treatment rooms residents’ lounge, a 21-seat screening room, and Roto-designed playroom.

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