Last week was the worst week of the year for Manhattan’s luxury real estate market, according to the latest Olshan Realty report released Monday.
"Real estate observers usually expect slow weeks during the Jewish holidays, but last week’s results were lower than anticipated," Donna Olshan said in the weekly report. The Jewish New Year fell on Thursday and Friday of last week.
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The results were not simply lower than anticipated, but both the number of contracts signed and the total volume were the lowest of the year.
Just 11 contracts were signed at $4 million or over—Olshan’s definition of luxury —for a total dollar volume of $61,047,990.
For a moment, it had appeared that the dreaded summer slump was over. During the week ending Sept. 17, and for the first time in 11 weeks, more than 20 luxury contracts were signed, signaling the market was on the up, but the surge didn’t last.
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The most expensive contract signed was for a townhouse at Riverview Terrace asking $8.95 million. The 3,200-square-foot, three-story house has three bedrooms and three bathrooms. It’s one of six houses, built in the 1870s, on a cobblestone cul-de-sac behind Sutton Place and overlooking the East River, the report said.
The second most expensive was a three-bedroom condo at Tribeca’s "Jenga" building, 56 Leonard. It was asking $6.975 million, reduced from $7.45 million when it went on the market in August 2016.
Of the 11 contracts signed eight were condos, two were co-ops and one townhouse sold; no luxury condops sold last week.