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Manhattan luxury contracts ticked up as Dow plummeted

Dow Jones

Manhattan luxury contracts ticked up as Dow plummeted

During one of Wall Street’s lousiest weeks of the year, a series of deals elsewhere in Manhattan last week marked a bounceback in the borough’s luxury market.

When the Dow plummeted 1,276 points Tuesday, four contracts priced at $4 million and above were signed, according to Olshan Realty’s weekly report. As the Dow continued to slide further during the week, three more were signed on Wednesday, another five on Thursday and four on Friday.

Just 10 homes entered into contract in the previous week, with asking prices totaling $61.2 million — the lowest of the year.

The priciest home to enter into contract last week was PH90 at Related’s 35 Hudson Yards, asking $49 million. That’s reduced from $59 million when the building started marketing in 2019, but still in the top 10 contracts of the year.

The sponsor unit has over 10,000 square feet across five bedrooms and eight and a half bathrooms. It features 14-foot ceilings, a nearly 500-square-foot terrace and Hudson River views.

The second priciest home to enter into contract was a townhouse at 137 West 13th Street. The 7,500-square-foot townhouse asked $23.5 million, which was reduced from $25 million when it was listed in June.

The 21-foot-wide home has five bedrooms, six bathrooms and two powder rooms. Along with four fireplaces, four terraces and a garden, the house was recently gut renovated to include a screening room, gym, infrared sauna and wine room.

Of the 20 contracts signed last week, 12 were condos, four were a co-op, one was a condop and three were townhouses. The units spent an average of 521 days on the market, with an average discount of 7 percent.

The asking prices for the 20 homes that went into contract totaled $193 million. The median asking price was $5.2 million.

By: Sasha Jones I The Real Deal I September 19, 2022

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