After a trying 11 weeks, the slump that has plagued Manhattan’s luxury real estate market finally seems to be abating, according to Monday’s Olshan Report.
In fact, 23 properties priced at $4 million or over—Olshan’s definition of luxury—went into contract last week, marking the first time since late June that more than 20 luxury properties have sold in a week. Just two weeks ago, only 12 properties went into contract, the lowest number of the year.
Last week’s two most expensive transactions were both at The Shephard, the newly restored and renovated condominium building at 275 West 10th St. in the West Village. Penthouse C, a 5,985-square-foot duplex, was asking $29.5 million. The five-bedroom unit has floor-to-ceiling glass windows and an abundance of private outdoor space.
Penthouse A, a smaller duplex spanning 3,846 square feet, was asking $18.85 million.
The third most expensive luxury contract was a floor-through apartment on the seventh floor of 21 East 66th St. asking $12.95 million, reduced from the $14.35 million it was asking when it went on the market a year ago, according to the report.
Of the 23 contracts signed, 16 were condos, five were co-ops and two were townhouses; no luxury condops sold last week.
Continuing the optimistic news, the week’s total dollar volume for luxury sales—$197,119,990— was the highest since July 10, perhaps a sign that the summer slump may be officially over.
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