A Strong Start to Spring for Manhattan’s Luxury Real Estate Market

The most expensive contract signed last week was for an Upper West Side brownstone asking nearly $26 million

nycheli-300x184 A Strong Start to Spring for Manhattan’s Luxury Real Estate Market

Brandon Jacoby | Unsplash

Though not as prosperous as 2021’s remarkable property market conditions, Manhattan’s luxury real estate has been steadily strong.

There were 31 contracts signed on homes asking $4 million or more in Manhattan in the week ending Sunday, two fewer than the prior week, according to Monday’s report from Olshan Realty. 

The contracts consisted of 21 condos, six co-ops, and four townhouses. The weekly sales volume was more than $277 million. 

In total, the number of contracts signed in March surpassed the first two months of 2022, however, there were 11 fewer contracts signed in March 2022 than in March 2021.

“My expectation has always been that this year could not be like last year; last year was an unusual year,” Donna Olshan, president of Olshan Realty and the report’s author, told Mansion Global. “If we can hover at the 30 [weekly contracts] mark or above, I think that’s a very solid market. I called it a stable market when there were 20 contracts and above, but that got revisited once we got into 2021.”

 

Source: Mansion Global | Ayse Kelce | Originally Published on April 4, 2022