Manhattan’s luxury real estate market is continuing to show signs of recovery in February after the worst performing January since 2012, according to the weekly Olshan Report released Monday.
The dismal start to the year is seemingly turning around as 24 contracts were signed last week at $4 million and above, a normal total for this period in previous years, the report said. During the same period last year, 24 contracts were signed and 21 were signed in 2016.
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"Set against the backdrop of last week’s stock market meltdown and rising interest rates, it raises hopes for a resilient luxury market going forward," wrote Donna Olshan, the president of Olshan Realty and author of the report.
The top two contracts signed were both at Midtown’s rectangular skyscraper, 432 Park Avenue. Sold by separate owners, the 77th floor units were purchased by one buyer, the report said, and were asking a combined price of $68 million.
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The third most expensive contract signed was for a penthouse at 40 Bleecker—a posh new NoHo development—asking $10.18 million.
The sales volume of contracts signed last week totalled $199.81 million, while the average home was on the market for 518 days and got an average listing discount of 6%. The heaviest activity occurred in the $4 million to $6 million range, which saw contracts signed for 11 apartments and four townhouses.