The first signs of spring have refreshed more than just Manhattan’s residents, its luxury real estate market is blooming too, according to Monday’s Olshan Report.
Last week, 37 contracts were signed on properties priced at $4 million and above—Olshan’s benchmark for luxury—matching a week in mid-February for the highest number of deals made so far this year, and for the largest total since last May, according to the weekly report.
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The 37 transactions were worth a total of $324.7 million in sales, the largest dollar volume logged so far this year and a 41% increase from the previous week.
Downtown transactions reigned supreme last week with the three most expensive contracts signed for homes in the West Village.
The priciest was for a duplex penthouse at the Greenwich Lane on West 11th Street. Last asking $17.75 million, the apartment is one of the last few sponsor units left at the five-building development (three townhouse units remain), it spans 3,486 square feet and has three bedrooms and a terrace.
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The second and third most expensive contracts signed were both for penthouses at 90 Morton Street, asking $16.5 million and $16 million. Mansion Global could not determine if the penthouses were purchased by one, or separate buyers. The building, a former printing plant, reported a cumulative total of eight contracts signed at $4 million and above last week, the report said.
Of the 37 contracts signed, 27 were condos, eight were co-ops and two were townhouses; no luxury condops entered contract last week.