Manhattan’s luxury real estate market has just experienced its worst third quarter in five years, according to the latest Olshan Realty report released Monday
"It was the weakest third quarter since 2012, and 11% below last year’s results for both contracts signed (206) and total volume ($1.6 billion)," Donna Olshan said in the weekly report.
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Seventeen contracts were signed at $4 million and above—Olshan’s definition of luxury—a mediocre performance due in part to the Jewish High Holidays, said the report. The total dollar volume was $113.55 million.
The priciest contracted signed was for a five-bedroom condo at 252 East 57th St., marking the third time a unit at the 65-story building has been home to the top contract during a week this year. It was asking $13.7 million. The building, designed by Skidmore, Owings & Merrill, offers amenities including a 75-foot swimming pool, a library, and furnished guest suites.
The second most expensive was a co-op at 10 Gracie Square, an Upper East Side building that has recently been viewed by the Obamas, according to reports. The five-bedroom duplex was asking $10 million.
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Of the 17 contracts signed, 15 were condos and two were co-ops; no luxury townhouses or condops sold last week.
Still, it was a better performance than the previous week, which was the worst week of the year for Manhattan’s luxury real estate market. Just 11 contracts were signed at $4 million or over, for a total dollar volume of $61 million.