Manhattan's Luxury Housing Market Slows for Summer

Prime Manhattan Properties Witness Diverse Buyer Activity

by Nouman Rasool
Manhattan's Luxury Housing Market Slows for Summer

Manhattan's luxury housing market experienced a slowdown last week, as reported by Olshan Realty. The total number of contracts signed for properties priced at $4 million or higher amounted to twenty-two, which was two contracts less than the previous week.

However, the more concerning development was the notable drop in sales volume based on the latest asking prices. The weekly sales volume plummeted from $246.96 million to $162.46 million, marking the first time since May that it fell below the $200 million threshold.

Breaking down the sales, thirteen condos, five co-ops, one condop, and three townhouses were sold during the week. Among these transactions, the most expensive contract signed was for an exquisite Upper East Side townhouse, listed at an impressive $27.5 million.

The six-story, 22-foot-wide home, located on East 73rd Street, boasts seven bedrooms and nine bathrooms. Having been purchased for $8.8 million in 2003, the property underwent extensive renovations over the subsequent two years.

It now features eight fireplaces, three terraces, and an extraordinary top floor housing a basketball court and a skylight that opens to a rooftop terrace with a warm tub.

Park Avenue Condo: Significant Price Reduction

Coming in as the second most expensive sale of the week was a condo situated just two blocks away on Park Avenue.

Originally listed last October for $12.95 million, the asking price was ultimately reduced to $11.88 million, resulting in a considerable loss for the seller who had acquired it for around $17.36 million in March 2014. This 16th-floor unit offers 3,845 square feet of living space, including four bedrooms and four and a half bathrooms.

Its luxurious amenities encompass a terrace adjacent to the primary bedroom, a private elevator landing, and a host of building facilities like a doorman, a fitness room, a children's playroom, and a garden. Despite the drop in sales volume, the Manhattan luxury housing market still showcases remarkable properties finding buyers even during a slower period.

As the summer progresses, the market's dynamics may continue to shift, and buyers and sellers alike will be closely watching for any further changes in the city's prestigious real estate landscape.