The summer doldrums have hit the Manhattan luxury market, which attracted only 18 buyers in the week ending Sunday, according to a weekly report out Monday from Olshan Realty.
The luxury market, which Olshan defines as homes priced at $4 million or more, has slipped into its annual summer lull as buyers and sellers lap up the sun outside of the Big Apple. Even still, last week’s modest transaction total still saw some pretty impressive sales.
Five of the luxury homes that went into contract last week were priced north of $14.7 million, according to the report. All five were in new condo developments, such as 423 Park and 18 Gramercy Park South.
More:Read About New York Luxury Real Estate Market on Mansion Global
Over the past year, Manhattan has seen a move toward affordable luxury, or homes priced in the $4 million to $6.5 million range. But the plethora of ultra-luxe units that found buyers last week have given the median asking price an unusual bump, to $7.35 million. Total transaction volume also got a lift, with the 18 transactions totaling some $209.5 million.
The most expensive home to find a buyer last week was an 81st floor apartment in 432 Park asking $44.75 million. The four-bedroom, five-full-bathroom unit has more than 5,400 square feet and features the building’s iconically symmetric square windows that measure 10 by 10 feet.
The No. 2 contract was for a penthouse at a new building at 33 E. 74th St., asking $29.5 million. The home had been reduced from $37 million—price cuts have been key to a spike in transactions over the past quarter. The four-bedroom unit is part of a 10-unit new development built from a row of landmarked brownstones.