Manhattan’s luxury real estate market is coming off one of its strongest weeks of the year with 37 high-end homes going into contract in the week ending Sunday, according to the latest Olshan Report published Monday.
May 8-14 tied the second week in March for the most luxury contracts for homes valued at $4 million and up signed in a single week this year. New developments led sales activity; about half of the deals were condos in pricey new builds, according the weekly report by Olshan Realty.
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Condos overwhelmed co-ops in last week’s transactions, with about two out of three contracts signed for units in condominium buildings.
Time will tell if last week’s record transaction total was a blip or the start to a strong summer buying season. Total sales had until now dwindled, taking total transaction volume with it. Last week saw a total of $266.5 million in pending sales, compared to $161.26 million in the prior week.
The top contract this past week was for an apartment overlooking the High Line park at 520 West 28th St., asking $14.5 million. The five-bedroom unit spans more than 4,000 square feet and has two balconies with around 300 square feet of outdoor space. The unit is in a contemporary glass building designed by late starchitect Zaha Hadid—the first woman to win the Pritzker Prize. When it opens later this year, it will be Hadid’s only residential building in New York City.
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It beat out the second-most-expensive unit by a hair. A fifth-floor unit at 443 Greenwich St.—a former factory that has attracted celebrity buyers like Jennifer Lawrence, Ryan Reynolds and Blake Lively—has a sale pending for $14.4 million. The unit is also about 4,000 square feet with four bedrooms and four-and-a-half bathrooms.