Manhattan luxury real estate saw the fourth straight week of strong activity, although last week once again highlighted a trend toward less expensive units on the high-end spectrum, according to the latest report from Olshan Realty.
Despite a shortened business week due to the Memorial Day holiday, buyers signed contracts for 31 homes in Manhattan priced at $4 million or more in the week ending Sunday, according to the report published Monday.
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More than half of those sales were for units priced at less than $6 million—a segment of the market some in the industry have dubbed "affordable luxury." The median asking price was $5.65 million, and the average home sold last week had been on the market for over a year.
Condo transactions continued to outpace co-ops three to one in the luxury market. Three townhouses found buyers.
Sales volume for the 31 contracts totaled $203.533 million, according to the report.
The priciest transaction last week was for a two-unit spread on the 21st floor of 21 East 12th St., for a combined asking price of $17.55 million. The units are one floor below the building’s penthouse and have a combined space of over 5,100 square feet and seven bedrooms.
The second most expensive contract was for a co-op at 825 Fifth Avenue, asking $12.5 million. The five-bedroom unit has a 40-foot terrace and bedroom facing Central Park.
A separate luxury report found that 106 high-end condo contracts were signed in Manhattan in May. The report by CityRealty, a New York City listing and data site, defines luxury as units priced at $2,000 per square foot or more.
The median asking price for homes that found buyers in May was $4.5 million, underscoring the market’s skew toward less expensive high-end homes.
Meanwhile, Downtown dominated the market for newly built Manhattan condos, accounting for two in three sales in new developments in May, according to the report.
There was no May Meltdown for Manhattan #LuxuryRealEstate. The Big Apple borough saw robust sales this month https://t.co/ltU18NFsSc pic.twitter.com/GUijAR06Zv
— Mansion Global (@MansionGlobal) June 1, 2017