Manhattan’s luxury real estate market stayed sturdy last week despite the midweek July 4th holiday, according to Monday’s Olshan Report.
The week ending Sunday saw 20 contracts signed at $4 million and above—the report’s benchmark for luxury—further extending the market’s now 23-week run with more than 20 luxury deals made in the borough.
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Considering the holiday, the number of contracts signed is an "impressive total," Donna Olshan said in her eponymous weekly report.
But the total sales value of the 20 contracts was $138.46 million, the lowest dollar value for one week since the end of January. The average asking price for last week was $6.9 million
For only the fifth time this year, the most expensive contract signed last week was a co-op. The four-bedroom apartment at 888 Park Ave. on the Upper East Side was asking $14 million. The 10-room apartment has a wood-burning fireplace, a formal dining room, a library and a staff room. The unit has been on the market since February 2017.
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The second priciest contract signed was for a condo at a NoMad new development, at 277 Fifth Ave., asking $12 million.
The three-bedroom apartment in the Rafael Vinoly-building spans 2,333 square feet and has high ceilings, a terrace and floor-to-ceiling windows.
Of the 20 contracts signed last week, 13 were condos, five were co-ops and two were townhouses; no luxury condops sold last week.