Manhattan Luxury Market Performance ‘Par-for-the-Course’ in First Quarter

The Manhattan luxury real estate market’s performance so far this year may seem lackluster compared to 2022’s record-setting sales, but the first quarter was really “par-for-the-course” compared to pre-pandemic data, according to Monday’s report from Olshan Realty. 

There were 32 properties priced at $4 million or more sold in the week ending Sunday, four more than the previous week, according to the report.

Sales volume reached $264.71 million, with 21 condos and eight co-ops trading, as well as three townhouses, the figures showed.

“According to our stats for the last decade, the first quarter of 2023 is shaping up to yield a par-for-the-course performance, ranking No. 5 with 313 contracts signed in Manhattan at $4 million and above,” Donna Olshan, president of Olshan Realty, said in the report. “It falls well below last year’s record-breaking first quarter of 416 contracts signed.”

Last week’s No. 1 deal was a two-for-one: Two townhouses on East 77th Street on the Upper East Side asking a total of $32.5 million went into contract, the report said. The two properties—purchased by the seller in 2010 and 2012 for $22.5 million—were originally listed for $38 million last year and have a combined 9,760 square feet. They are being delivered ready for renovation. 

The second-biggest contract of last week was a Fifth Avenue penthouse on the market for $19.95 million, nearly $20 million less than its first listing price of $39.5 million in June 2021, according to the report. The duplex co-op offers a 40-foot living room, gallery and formal dining room that leads to a 51-foot terrace with views of Central Park and the Metropolitan Museum of Art. The unit also needs to be renovated, and online photographs appear to have been virtually staged, according to the report.  

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