After a dismal summer-long performance, which extended into early fall, Manhattan’s luxury real estate market may be bouncing back. After a sluggish few months, 20 contracts were signed last week at $4 million and above, according to the latest Olshan Realty report released Monday.
Five of those contracts signed last week broke the $10 million barrier, the report said. And the top two sales both had asking prices above $30 million.
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"Those sales contributed to the highest dollar volume in the Manhattan luxury real estate market—$214,759,000—since the end of May," the firm’s president, Donna Olshan, said in the weekly report. The total dollar volume is an 89% increase over the previous week.
The most expensive contract signed was for a $51 million penthouse at 160 Leroy, Ian Schrager’s new West Village development. If the sale closes for its asking price, it’s poised to top downtown Manhattan sales records, knocking the current record holder—2014’s $50.9 million penthouse sale in Chelsea’s Walker Tower—off its pedestal. The 7,750-square-foot apartment had been on the market since June 2016 and has five bedrooms, a private elevator, four wood-burning fireplaces, 12-inch wide-plank imported Scandinavian larch wooden floors, a library, a media room and a 4,944-square-foot roof terrace with a private pool.
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The second most expensive contract was a four-bedroom condo at the Robert A.M. Stern-designed 15 Central Park West. It was asking $31.5 million, reduced from $38 million when it went on the market in March, the report said.
Of the 20 contracts signed, 14 were condos, four were co-ops, two were townhouses; no luxury condops sold last week.
Last week, the report announced that Manhattan’s luxury real estate market had its worst third quarter in five years.