Manhattan Luxury Home Sales Log Unusually Busy End of August

There were 20 deals for properties asking $4 million or more, more than the typical pre-Labor Day week.

Reprinted from Mansion Global, September 2022

Condos were the favored property type among Manhattan’s luxury home buyers in the unusually busy week leading up to Labor Day, according to the Olshan report released this month.

There were 20 contracts signed on homes asking $4 million or more last week in the borough—one fewer than the week prior—and condos outsold co-ops 16-4. No townhouses found buyers. 

Those 20 deals were worth a collective $150.7 million, and together made for a seven-day total that bested the “10-year average of 17 signed contracts for the week before Labor Day,” the report said. 

The most expensive contract signed last week was on a loft-style condo at 150 Wooster Street, in SoHo, asking $18 million. The full-floor unit spans 4,271 square feet and has four bedrooms, a great room with a fireplace and balcony. 

Weekly transaction volume for luxury Manhattan homes

Source: Olshan

The second-priciest deal for a unit at One57, a supertall tower on West 57th Street, or Billionaires’ Row, in Midtown. Most recently asking $13.9 million, the 3,466-square-foot condo has three bedrooms, views of Central Park and access to building amenities that include hotel services, a fitness center, a pool, private dining and a performance space. 

The median asking price for the homes that found buyers last week was a hair above $6 million, and the average discount buyers got between the original listing and last asking price was 7%, the report said. 

The homes that went into contract had spent an average of 705 day, or close to two years, on the market.