Following a very lively spring for Manhattan luxury homes, transactions have tapered off over the past two weeks, according to a weekly report by Olshan Realty.
Last week marked “the second week in a row of falling sales,” wrote Donna Olshan, president of Olshan Realty, in the report released Monday. “Is this a harbinger of a typically sluggish summer ahead? Stay tuned.”
In total, buyers signed 21 contracts for home prices at $4 million or more in the week ending Sunday, a slight decline from the week prior and a marked shift after a strong spring.
The smaller number of sales meant a lower total transaction volume: $177.68 million.
The priciest unit to go into contract last week was a Plaza Hotel penthouse at the center of a notorious lawsuit a decade ago, following the historic hotel’s conversion to condominiums. The Russian buyer who’d planned to spend roughly $50 million on a two-penthouse spread claimed the apartments were not as luxurious as he was led to believe.
But the penthouse was just fine for its latest moneyed buyer. The four-bedroom, five-and-a-half bathroom apartment went into contract asking $39.75 million, reduced from $59 million when it first hit the market in 2013.
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London developer Christian Candy is the seller of the unit, which pales in comparison to some of his biggest sales. Mr. Candy sold a unit in Monte Carlo in 2010 for $312 million and a London penthouse that same year in $221 million, according to the report.
The No. 2 contract was for a two-unit spread at 21 East 12th St., asking $23.5 million. The home has 6,617 square feet of living space and nearly the same amount of space in private garden—one of the largest private gardens in Manhattan, according to the report.
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