A slow summer continues to dog Manhattan luxury real estate, which saw a meager 14 homes go into contract in the week ending Sunday, according to a weekly report from Olshan Realty.
Add up the price of those 14 contracts and total volume barely broke $100 million last week, the lowest since the fourth week of January, according to the report. Donna Olshan, president of Olshan Realty, attributed the slowdown to a lack of activity among new developments.
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"One reason for the persistently low totals: the paucity of sales by developers," Ms. Olshan wrote in the report released Monday. The brokerage defines luxury as homes priced at $4 million or more.
Developers found buyers for only four new condo units, including the most expensive unit last week.
A five-bedroom unit at the new Skidmore, Owings & Merrill building at 252 East 57th St. went into contract with an asking price of $14.65 million. The nearly 5,000-square-foot home in Sutton Place has views over Central Park and the East River, as well as a library, large living room with a balcony and 10.5-foot ceilings.
Since the unit first hit the market in 2015, the price has dropped by about 23%, from $19 million—something developers are loathe to do.
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The building comes with an array of amenities, such as a children’s playroom, a 75-foot pool, screening rooms, furnished guest suites and a doggy play space and grooming station.
The second most expensive unit to find a buyer last week was a duplex penthouse at 73 Wooster St., asking $13.75 million. The 5,230-square-foot, four-bedroom unit in SoHo has a gas fireplace, 15-foot ceilings and a media room and wetbar on the second level that lead out onto a 2,300-square-foot terrace.