Manhattan Simply Had Its Worst Week of Luxurious Actual Property Gross sales Since 2019

New York’s star borough seems to have misplaced slightly of its shine.

Manhattan’s luxurious actual property market simply skilled its slowest week in nearly two years. Solely 12 contracts have been signed for condos priced above $4 million within the interval from June 13 to 19, in response to the weekly report from Olshan Realty launched Monday.

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It’s a big drop from the week prior, which noticed some 25 contracts inked. It’s additionally nearly on par with the dismal week starting December 28, 2020, throughout which as few as 10 flats modified palms.

The most costly deal was for a lavish condominium at Robert A.M. Stern’s coveted 15 Central Park West. It’s really the third time this yr {that a} unit on the tower has nabbed the highest spot. This explicit property, which the proprietor bought for $30 million in 2014, offered for $26 million after being listed for $28 million in April.

Inside a condo at 15 Central Park West. - Credit: Courtesy of Core

Inside a condominium at 15 Central Park West. – Credit score: Courtesy of Core

Courtesy of Core

The second priciest contract signed was for a penthouse in Greenwich Lane. Recognized for attracting an A-list clientele, this luxe advanced includes 193 condos and 5 townhouses. The two,516-square-foot penthouse in query presents three bedrooms, three and a half baths and two terraces. Snapped up by the present proprietor for simply over $11 million in 2017, it was final asking $15 million and was offered off-market.

The remainder of the dozen properties offered embody two townhouses situated in Midtown and the East Facet, one Downtown co-op and 7 different condos unfold all through the island. Eight pre-sale contracts ranging between $5.1 million and $23.5 million have been additionally reported final week on the new Chelsea growth often known as the Cortland. Nevertheless, the timing of the gross sales couldn’t be confirmed and due to this fact these offers weren’t included within the weekly report.

The hunch in gross sales occurred in tandem with a inventory market nosedive that has ushered in a brand new bear market.

“This anemic efficiency coincided with the S&P 500 Index dropping 5.8 %, its worst week since March 2020,“ Olshan Realty’s president Donna Olshan mentioned within the report. “The S&P [500] has fallen 11 of the final 12 weeks.”

Whether or not one down week is solely an anomaly or the harbinger of a slowing prime actual property market is an open query. Both manner, you may be positive the trade shall be paying shut consideration to Manhattan’s totals going ahead.

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