Manhattan luxury housing rebounded in the second quarter of 2018 from a gloomier-than-usual winter real estate season, according to the Olshan Report on Monday.
Luxury activity from April through June was about equal to the same period last year, with a total of 346 homes priced over $4 million going into contract, according to the weekly report by Olshan Realty. Luxury sales volume totaled $2.97 billion in the second quarter, an increase of 19% from an unusually subdued first three months of the year.
Sales have been trending up in recent weeks. There were 33 luxury sales in the week ending Sunday, one of the best weeks in June since Olshan Realty began tracking the market in 2006.
Those homes sold last week totaled over $281 million—”an unexpected and remarkable performance,” wrote Donna Olshan, author of the report and founder of Olshan Realty.
“The upper end of the market has shown impressive resilience,” Ms. Olshan said in the report.
Developers eager to cut a deal and unload old inventory helped drive luxury deals in the second quarter. Between April and the end of June, developers sold 43% of all apartments—many at a discount—up from 38% in both 2017 and 2016, according to the report.
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The most expensive home to find a buyer last week was a newly developed Upper East Side townhouse asking $51 million. The eight-bedroom, 36-foot-wide townhouse is the work of developer Joseph Chetrit, who bought six brownstones from Lenox Hill Hospital in 2007 and converted them into three ultra-luxurious homes.
The second most expensive sale last week was an Upper East Side penthouse asking $18.5 million at the ritzy cooperative 1185 Park Ave. The unit, owned by McDonald’s franchisee Irwin Kruger, comprises a four-bedroom penthouse plus a six-room office unit on the first floor, according to property records.
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