The Independence Day holiday put a cramp in luxury home sales in Manhattan with only 17 contracts signed in the week ending Sunday, according to the weekly Olshan Report on Monday.
It’s the lowest transaction total going into the Fourth of July since 2013, when only 16 contracts were signed, according to the report by Olshan Realty. The brokerage tracks weekly pending sales figures for homes in Manhattan priced at $4 million and above.
In addition to the holiday lag, summer is typically a slow time for Manhattan’s priciest segment, the brokerage has pointed out in recent reports. Total sales volume last week was $145.2 million, down 24% from the week prior, when luxury home contracts totaled about $191.9 million.
The most expensive contract in the past week was for a penthouse at 160 Leroy St., asking $31.5 million. Developers sold the as-yet-unfinished home off of floor plans and fancy renderings.
The condo will be nearly 4,849 square feet and have four bedrooms and four-and-a-half bathrooms. There’s also a private rooftop terrace spanning more than 2,500 square feet to which the developers plan to add an outdoor kitchen, landscaping and a hot tub.
The unit had previously been part of a much larger penthouse that developer Ian Schrager offered for $80 million, but later divided into two units and cut down the asking price, according to the Olshan report.
The second most expensive unit to find a buyer last week was a condo asking nearly $18 million at 1110 Park Ave. The duplex unit has 5,702 square feet, five bedrooms and five-and-a-half bathrooms. The seller bought the unit only a year ago for $17.616 million and put it back on the market in January, according to the report.
The home spans the eighth and ninth floors of a nine-unit condo.
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