Despite last week’s high number of transactions, Manhattan’s luxury real estate market is experiencing its worst-performing May since 2012, according to Monday’s Olshan report.
There were 28 contracts signed last week priced at $4 million and above, the weekly report’s benchmark for luxury, for a total sales value of $224.91 million.
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That makes for 126 luxury contracts signed in May so far, "the lowest total for the month of May since 2012, when 107 contracts were signed," said Donna Olshan in the weekly report.
The disappointing performance of the market is not confined to May either. In the year to date, there have been 525 contracts signed for Manhattan’s high-end properties, a drop of 8% over the same period last year.
For the second week running—and for the fifth time this year—the most expensive contract signed last week was at 432 Park Avenue, this time on a 4,019-square-foot, three-bedroom unit, last asking $28.25 million. The condo has a library, views of Central Park and the East River, and was first listed for $32.5 million when it went on the market in April 2017.
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The second most expensive contract signed was for a full-floor apartment at Madison Square Park Tower at 45 East 22nd St. The four-bedroom home was asking $15.9 million, reduced from $20 million when it went on the market in October 2016.
Of the 28 contracts signed, 15 were condos, 11 were co-ops, one was a townhouse and one was a condop.