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$65 Million Deal Brightens Slow Month for Manhattan Luxury

A penthouse at 70 Vestry could crack a downtown price record

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A rendering of the Penthouse South at 70 Vestry

NOË & ASSOCIATES/THE BOUNDARY
A rendering of the Penthouse South at 70 Vestry
NOË & ASSOCIATES/THE BOUNDARY

Manhattan’s luxury home market saw another lackluster week with the exception of a single contract signed for a budget-blowing $65 million, according to a weekly report Monday from Olshan Realty.

Homes priced at $4 million or more traded hands at a slower rate for the entire month of July. The week ending Sunday offered no respite from the lull, with only 17 luxury contracts signed; that tally hasn’t cracked 20 in five weeks.

More:Stay on Top of News From the New York City Market

The single standout from last week was a penthouse at 70 Vestry St.—an ultra-luxurious, 14-story building in Tribeca by starchitect Robert A.M. Stern—selling for $65 million, one of the top 10 most expensive homes on the market in New York City.

The condo has 7,800 square feet, five bedrooms, six bathrooms and outdoor terrace space that adds roughly another 3,700 square feet. The buyer will also get access to swanky building amenities that include three pools, including a separate children’s pool, squash courts and a library.

At $65 million, the unit is poised to set a record for downtown Manhattan. Until now the most expensive home to sell in that part of the island was a penthouse at Walker Tower, located at 212 West 18th St., which closed for $50.9 million in January 2014.

More:Penthouse South at 70 Vestry Coming on Market for $65M

Last week was pretty slow in terms of sales volume. Contracts signed totaled $163.29 million—one-third of which was the 70 Vestry contract. The median price was just $5.5 million.

The second most expensive contract was a $10 million, three-bedroom unit at 11 East 68th St.