Manhattan’s Luxury Market Has Best Week of the Year

Manhattan’s luxury housing market just logged its best week of the year, according to a report on Monday. 

Last week, buyers signed contracts for 29 homes priced at $4 million or more, a record high for the year, according to a weekly roundup from Olshan Realty. The peak week marked a bright spot for New York City, which has seen both luxury sales and prices fall over the past two years. 

Last week’s luxury deals rang in at $290.5 million, the second-highest weekly total so far this year, according to past Olshan reports. 

 

“Which prompts the question: Was last week’s robust totals a function of falling interest rates, the big June bounce in the stock market, or perhaps a combination of the two?” wrote Donna Olshan, president of Olshan Realty and author of the report. 

But unless Manhattan sees an unprecedented last week of June, the second quarter is on track to close with pending sales down 13% compared to a year ago, she added.

Meanwhile, the priciest home to find a buyer last week was one of the remaining penthouses at skyscraper 432 Park Avenue, asking $41 million. The three-bedroom apartment spans nearly 4,000 square feet and includes a library and 30-foot-wide master suite. 

The second most expensive home to find a buyer last week was a duplex with ample outdoor space at new development 1010 Park Avenue on the Upper East Side. The deal for the six-bedroom apartment marks only the second pending sale reported so far in the building.