The Manhattan luxury real estate market wrapped up its second biggest year on record, but not without some setbacks. A total of 1,344 contracts were signed in New York City through December 27 for residential properties of $4 million and above, according to Olshan Realty Inc.’s year-end report. The number is almost unchanged from last year when 1,340 contracts were signed at that price range. In terms of U.S. dollars, sales year to date total $10,738,479,892, down from $11,256,284,299 in 2014. However, the number of contracts signed at $10 million and above dropped 16% from the previous year, from 270 to 227 deals. In another potential sign of softening in New York City’s luxury sector, it took two months longer to sell a $4-million-plus property this year, with days on the market increasing to 243. Also worth noting is the decrease in the number of apartments sold off of floor plans, which represented 34% of all apartment contracts at $4 million and above compared with 41% the previous year. Read the full report here.View full listing (pictured top)
Strong Sales, Signs of Softening for Manhattan Luxury in 2015
A new report finds a strong year and warning signs for New York’s premier residential market
A two bedroom, two-and-a-half bathroom condo on West 56th Street in Manhattan, available for $4.395 million.
CompassA two bedroom, two-and-a-half bathroom condo on West 56th Street in Manhattan, available for $4.395 million.
Compass