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Luxury Manhattan Sales Cool Amid Holiday Week

Confluence of Jewish and American Holidays led to a 25% drop in sales week over week

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The No. 1 contract last week was at 215 Chrystie.

Douglas Eliman
The No. 1 contract last week was at 215 Chrystie.
Douglas Eliman

A week of holidays slowed down Manhattan’s luxury market, which had otherwise started the fall season on strong footing.

For the week between Oct. 3 and 9, buyers signed 15 contracts for residences valued at least $4 million and above, according to the latest Luxury Market Report by Olshan Realty, released Monday. The number represented a drop from last week, in which 20 contracts were signed and signaled a good start to the season.

More:Manhattan Prices Close to Record High Amid Signs of a Cooling Market

Modest sales this past week reflected the confluence of the Jewish High Holidays and Columbus Day weekend, which Donna Olshan, president of Olshan Realty, predicted would affect luxury sales.

"It’s not unusual around this time of year to hit a perfect storm," said Ms. Olshan in the report.

The Monday off for Columbus Day and the Jewish holy day Yom Kippur, from Tuesday evening through Wednesday evening, will slow the market this week, too, she said. "Out of five business days two and a half are eaten up," Ms. Olshan said.

Nearly two-thirds of the contracts last week were for homes in downtown Manhattan, including the week’s top two contracts.

The No. 1 contract was for penthouse PH3 at 215 Chrystie, located at 215 Chrystie St. on the Lower East Side. It was the second time in three weeks that a penthouse at that particular mixed-use skyscraper topped Olshan’s list.

The full-floor, 4,236-square-foot unit, which includes three bedrooms, four-and-a-half baths and its own media room, sold off of floor plans at an asking price of $18.75 million. Ian Schrager, hotelier and co-founder of the famed Studio 54, developed the recently completed building, which contains 370 hotel rooms and 11 condos.

The No. 2 contract was a penthouse at One Vandam, located at 180 Sixth Ave. in SoHo, for an asking price of $15.75 million. The 4,759-square-foot condo includes five bedrooms, four-and-a-half bathrooms and two terraces with a combined space of 278 square feet.

Since the condo went to market in November 2014, the asking price decreased by 10%, from $17.5 million.

The majority of luxury contracts last week were for condos, reflecting a continued trend away from the red tape associated with exclusive co-op buildings.

Ten out of the 15 contracts were condos, four were co-ops and one was a condop — a co-op with condo-type rules.