M
anhattan luxury buyers are making a beeline for high-end properties this August, with contract activity surpassing last year's levels. According to data from Olshan Realty, there were 73 signed contracts in the past four weeks, up from 60 in the same period last year. If this pace continues, August is on track to be one of the top three best months in the last decade. The uptick in activity is largely due to a dip in mortgage rates, which have hit their lowest levels since last spring. In the first two weeks of August alone, buyers signed contracts for 428 properties across all price points in Manhattan, representing an 18% annual increase, according to UrbanDigs data.
While the luxury market is thriving, there's been a slight slowdown in activity among properties worth $4 million or more. In the past week, 18 such properties inked deals, down from 20 in the previous week. These properties included a mix of condos, co-ops, and townhouses. The priciest contract signed last week was for Unit 39B at Extell Development's Central Park Tower. The apartment, which was initially marketed off floor plans in 2018 for $75 million, entered into a deal on Monday for $43.5 million. The apartment boasts five bedrooms, five bathrooms, and a 2,000-square-foot terrace, offering stunning views of Central Park from its living room, dining room, and kitchen. Janice Chang of Douglas Elliman had the listing.
On Billionaires' Row, the 7,600-square-foot condo at 217 West 57th Street continues to be a hot property. Despite initially projecting a sellout of $4 billion, developer Gary Barnett has revised his expectations to closer to $1 billion. Earlier this summer, the tower secured its first nine-figure deal since 2022 when a penthouse closed for $115 million. The tower, advertised as the tallest residential building in the world, also held the most expensive listing on the market, a triplex asking $250 million. Extell dropped the price to $195 million last year and took it off the market in July.
The second most expensive home to enter contract was a townhouse at 12 East 79th Street, with an asking price of $36 million. The property, which initially asked $38 million when it hit the market last May, spans 28 feet across and 16,000 square feet, boasting eight bedrooms and ten bathrooms, according to the listing. Built in 1910, the Upper East Side mansion has been owned by the School of Practical Philosophy since 1975. The property hit the market in February after a December deal fell through. Sandra Ripert and Patricia Vance of Douglas Elliman had the listing.
The combined asking price for the 18 properties was $264 million, which translates to an average price of $14.6 million and a median of $7.5 million. The typical home spent 803 days on the market and received a 19% discount.
