Nobody would have been expecting an inundation of luxury sales fresh off Labor Day weekend, but according to Monday’s weekly Olshan Report, not only was there a bona fide shortage last week, it was just the latest installment of what has now been an 11-week long, luxury-sale drought.
Only 14 contracts were signed at $4 million and above—Olshan’s definition of luxury—last week, marking the 11th straight week with fewer than 20 contracts signed, the weakest stretch since 2012, the report said.
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The most expensive transaction—a 4,420-square-foot duplex penthouse at 78 Irving Place— was asking $20.9 million. It has four bedrooms, a library and a private roof terrace with a fully equipped outdoor kitchen. Four apartments in the new seven-unit condo building went into contract last week, and the building is now sold out, according to the report.
The second most expensive sale was penthouse B at the Halcyon at 305 East 51st St.; the four-bedroom condo was asking $11.75 million and has floor-to-ceiling windows and East River views.
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Of the 14 contracts signed, 11 were condos, two were co-ops and one was a condop; no luxury townhouses sold last week.
On the bright side, the total dollar volume of $111.045 million was a vast improvement over the prior week’s paltry $79.994 million—the lowest sales figure this year. That week saw just 12 contracts signed at $4 million and above, also the lowest number of the year.