Manhattan’s luxury home market suffers from summer downturn


109 East 79th Street and 30 Riverside Boulevard (Photos via Noë & Associates with The Boundary, Google Maps and StreetEasy)

Week after week, from February to the first week of July, more than 30 buyers signed deals to buy homes in Manhattan for more than $ 4 million.

The 22-week streak reflected an unprecedented wave of buying activity that shattered the previous six-week record during the 2015 hot spring market.

Corn it’s over now.

The record-breaking race ended last week when just 28 buyers signed contracts for luxury homes, according to the Olshan Report, which tracks the volume and value of Manhattan luxury contracts.

“We cannot cry,” said Donna Olshan, the author of the report. “It was a holiday week and all good things end at some point, but the market is still strong and we could get back to over 30 next week.”

Last week’s offers included 24 condos, two co-ops and two townhouses.

But even with fewer deals, last week’s sales volume per final asking price was $ 248 million, above the combined asking prices of last week’s homes that were contracted: $ 237 million on 33 transactions.

However, the average discount between the initial price and the final asking price has increased. Last week’s average discount was 9%, down from 5% the week before.

The most expensive case was a first-floor duplex on the Upper East Side. The 4,705 square foot condo located at 109 East 79th Street has five bedrooms, 13 foot ceilings and a 1,096 square foot garden. The property was last asking for $ 17.5 million. The buyer is from the tri-state region, according to Olshan’s report.

The second most expensive was a sprawling penthouse at 30 Riverside Boulevard, also known as Two Waterline Square, which was asking for $ 17.25 million. The 4,694 square foot pad has four bedrooms and a 1,763 square foot deck. The condo is one of the more expensive units in the Waterline Square three-building complex.