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Manhattan Luxury Sales Market Finally Looking Up

Could the summer slump be over?

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View of Midtown from the West Village.

Freddie Scott/Getty Images
View of Midtown from the West Village.
Freddie Scott/Getty Images

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.

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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.

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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.