Manhattan’s luxury housing market, which had suffered a sluggish start to the year, finally stepped up a gear last week.
According to Olshan Realty’s latest luxury housing market report for Manhattan, 30 contracts were signed last week at $4 million and above. This was the first time in 2016 that it has hit the significant 30 mark. Just over half were in new buildings under construction.
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The most expensive property to change hands was a 3,951-square-foot, four-bedroom home at the new Greenwich Lane complex in the West Village for $16.5 million. There are 194 condos and 5 townhouses at the complex, partly made up of renovated St Vincent’s hospital buildings, and 95% have been sold.
The No. 2 contract was a three-bedroom property facing Madison Avenue at 33 East 74th Street for $14.6 million. It is in a new condo building that is being created out of a row of landmark brownstones next to the former Whitney Museum.
A total of nine contracts were signed at $10 million and above, a year-to-date record. Included in that total were two Upper East Side townhouses. The average asking price was $8 million, while the average number of days on the market was 287.
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None of this, however, was enough to knock 432 Park Ave. off its perch as having the most expensive sale so far this year. Earlier this month, it was reported that a five-bedroom, 8,055-square-foot condo with views of the entire city had been sold for $76.5 million.