Another Miserable Week for Manhattan Luxury Residential Sales: Report Only Nine Properties Entered Into Contract, Says Olshan

Another Miserable Week for Manhattan Luxury Residential Sales: Report
(iStock.com)

For the second week in a row, the Manhattan luxury residential market experienced lackluster sales.

According to the latest report from Olshan Realty, only nine contracts for properties $4 million and above, were signed during the week of July 8-14—a repeat of the same total from the week before.

The total weekly asking price sales volume of $51,250,000 was the lowest since November 2013—although, as Olshan pointed out, the total was “an aberration as 2013 was a robust year in the Manhattan luxury market.”

It was also the second consecutive week in which a property with an asking price of $10 million or more went into the contract—a first since September 2011. 

As Mansion Global recently reported, the fact there has been no transaction for over $10 million so far in July was an indication that the new mansion tax has affected rich home buyers.

The top-ranking contract signed for the week of July 8-14 was a four-bedroom/five-bathroom condo on 21 East 12th Street with an asking price of $8,750,000. Measuring 2,679 square feet, the apartment's features include 10-foot ceilings, a kitchen with Subzero appliances, oversized windows, and white oak floors. The building's amenities consist of a full-time doorman, fitness room, and on-site parking.

A condo at 15 Central Park West came in second when it signed into contract for $6,500,000. The 2,135-square-foot, two-bedroom/two-and-a-half-bathroom unit comes with a master bedroom that has three large closets, a windowed chef's kitchen; and a marble soaking tub. Highlights of the building, which was designed by Robert A.M. Stern, include a 75-foot sky-lit lap pool, a library, and an outdoor terrace.

Tying with 15 Central Park West was a 3,200-square-foot condo at 240 East 10th Street that also entered into contract for $6,500,000. The three-bedroom/two-and-a-half-bathroom apartment contains a large great room, a master suite with city views, and a private balcony. A 24-hour doorman and a common roof deck are among the building's highlights.

In all, there were seven condos and two co-ops that were signed last week.

David Chiu is an associate editor at The Cooperator. 

Related Articles

Businessman using a tax form to complete individual income tax payment form. Tax day concept.

NYC Revenue Proposals Target Luxury Co-ops & Condos

Bills Seek More Equitable Taxation of Real Property

Report: Manhattan Luxury Home Sales Continue to Trend Upward

Report: Manhattan Luxury Home Sales Continue to Trend Upward

20 or More Sales Continue for the Sixth Straight Week

Pied-à-Terre Tax Effort Revived

Pied-à-Terre Tax Effort Revived

Lawmakers Eye New York’s Luxury Market Again