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.
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.
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.
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