Manhattan’s luxury market sprang back to life in the first week of February, following one of the most dismal Januarys in recent years, according to Monday’s Olshan Report.
Twenty-six homes priced at $4 million or more found buyers in the week ending Sunday, according to the weekly report published by Olshan Realty. It was the best week so far this year.
Manhattan’s luxury sellers have the soaring stock market to thank for robust demand, said Donna Olshan, president of Olshan Realty, though she noted the sudden drop on Friday throws future real estate payoff in question.
Last week, total sales volume surged to $212 million, nearly doubling since last week, when transactions totaled $110 million.
“One big warning: the exploding downturn that happened on Friday when the stock market dropped 666 points. What lies ahead? Stay tuned,” she said.
On Friday, the Dow Jones Industrial Average plummeted 2.5%, the greatest single-day slide since mid-2016, which analysts attributed to a strong jobs report fueling fears over rising interest rates and inflation. The index took another hit on Monday as analysts predicted the stock market was headed toward volatile waters in the coming months.
The top contract was for two separate units sold together at 995 Fifth Ave. on the Upper East Side, asking $29.75 million. The units span the entire 11th floor of the former Stanhope Hotel, at the edge of Central Park, near the Metropolitan Museum of Art.
The second most expensive unit was a penthouse at 23 East 22nd St., asking $26.95 million. The home has taken a 28% price drop since it first hit the market in 2013, according to the report.
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