Manhattan’s luxury home market continues its momentum

Sales of luxury homes in Manhattan continue to accelerate, especially in new developments, despite greater economic headwinds.

There were 39 contracts signed on homes asking for $4 million or more in Manhattan in the week ending Sunday, eight more than the previous week, according to Monday’s report from Olshan Realty.

The contracts were for 28 condos, seven co-ops and four townhouses. Weekly sales volume was over $297 million and the median asking price was close to $6 million.

“It’s a really solid performance considering skyrocketing interest rates and the war in Ukraine,” said Donna Olshan, president of Olshan Realty and author of the report.

Of 28 condominium contracts signed last week, 19 of the sales were made by developers. “There’s just a lot of high-demand construction,” Ms. Olshan told Mansion Global.

The most expensive contract signed last week was for a co-op on Fifth Avenue across from Central Park and asked for $20 million, which was reduced from $25 million when it first listed in October. Seller Robert Mnuchin, an art dealer and former banker who is also the father of former Treasury Secretary Steven Mnuchin, paid $20 million for the house in January 2008.

The deal marked the first time since September that a co-op was the most expensive property to find a buyer in any given week.

The home takes up the entire fifth floor, featuring four bedrooms, three and a half bathrooms, a walk-in closet, office, and exercise room. The 42-foot living room and master bedroom both face Central Park. Building amenities include doormen, resident manager, fitness room and notarized storage rooms. The cooperative remains exclusive since only 33% financing is allowed for a purchase.

The second most expensive contract was for a townhouse on the Upper East Side between Park and Lexington avenues, asking for $18.8 million. The seller bought the house in 2015 for $12 million and renovated it. The six-story building is 19.5 feet wide with 9,200 square feet of living space and has six bedrooms and eight and a half bathrooms. It also has a private garden and a roof terrace with an integrated infrastructure for a bar and an outdoor kitchen.