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Further Summer Slowdown Seen in Manhattan’s Luxury Real Estate Market

The lowest number of properties since February were sold last week

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Only 15 contracts were signed last week at $4 million and above.

Roberto Machado Noa/Getty Images
Only 15 contracts were signed last week at $4 million and above.
Roberto Machado Noa/Getty Images

The number of luxury homes changing hands in Manhattan fell for the fifth week in a row as the traditional summer slowdown continues.

According to Olshan Realty’s latest snapshot of Manhattan’s luxury housing sector, only 15 contracts were signed last week at $4 million and above, two less than the week before and three less than the week before that.

MORE: Manhattan’s Luxury Home Sales Hit by Summer Slowdown

“We haven’t cracked 20 contracts signed since the last week in June,” said Donna Olshan, president of Olshan Realty. “To paraphrase a Gershwin tune: Summertime, and the selling ain’t easy. Buyers gone fishing, and the volume is low.”

The No. 1 contract was unit 10A at 155 W. 11th St. in Manhattan’s West Village neighborhood, where the asking price was $17 million. The 3,951-square-foot residence has four bedrooms and 4.5 bathrooms, and features a large living room and a family room off the kitchen with a balcony.

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The unit is in Greenwich Lane, a new complex of five buildings, partly made up of renovated space from the old St. Vincent’s Hospital. More than 96% of the 194 condos and five townhouses in the complex are reported sold. Amenities include concierge, doorman, fitness center, pool, children’s room and a garage.

The No. 2 contract was 18F at 530 Park Ave., which sold for $11.98 million, reduced from $16.5 million when it went on the market in September. The condo has 3,328 square feet, with three bedrooms and 3.5 bathrooms, plus two terraces.

July 18-24
Total Weekly Asking Price Sales Volume: $104,494,000
Average Asking Price: $6,966,267
Median Asking Price: $5,590,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 333

Source: Olshan