Manhattan Luxury Sales Just Had Their Slowest Week Since December 2020

Virginia K. Smith, Mansion Global

Just 12 contracts were signed for luxury Manhattan apartments priced above $4 million in the week from June 13-19, a steep drop from the 25 contracts the previous week, according to the weekly report from Olshan Realty released Monday.

“It was the worst week in the luxury market since the week of Dec. 28, 2020, when 10 contracts were signed,” wrote the report’s author, Olshan Realty president Donna Olshan. “This anemic performance coincided with the S&P 500 Index dropping 5.8%, its worst week since March 2020.”

“The S&P [500] has fallen 11 of the last 12 weeks,” Ms. Olshan noted.

The highest-priced deal was a $26 million unit at 15 Central Park West on the Upper West Side, which had listed for $28 million in April, and which the seller had purchased for $30 million in 2014. The second most expensive contract signed was for a $15 million off-market penthouse at 155 West 11th St. in Greenwich Village, according to the report.

Though the timing of the sales couldn’t be confirmed and therefore weren’t included in the weekly report, eight presale contracts were reported last week at the Chelsea new development 555 West 22nd St., or the Cortland. Sales prices ranged from $5.1 million to $23.5 million.

“The interest we have received in this building prior to launch is unprecedented,” said an emailed statement from Shaun Osher, founder and CEO of CORE Group, which handles sales and marketing for the building.