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Manhattan's luxury market slump continues

The Property Addict / Luxury Lifestyle

United States of America

Aug 30 2017

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Liz Lucking, Mansion Global

For the ninth week in a row, fewer than 20 contracts were signed in Manhattan for luxury units, according to Monday’s weekly Olshan Report.

Just 15 units priced at $4 million or more—Olshan’s definition of luxury—found buyers last week. Three were co-ops and 12 were condos; no luxury townhouses or condops were sold.  

The total dollar volume was an improvement over the prior week’s paltry $87.56 million—the lowest sales figure in almost one year—reaching just over $100 million, the report said.

The prior week’s dismal report also saw no contracts signed above $10 million, the first time that has happened since Superstorm Sandy—the week of Oct. 29, 2012. That trend didn’t extend to this week, however. The highest sale was $16.25 million for a corner unit at the Herzog & de Meuron-designed 160 Leroy, a curvaceous new building fronting the Hudson River. The 3,808-square-foot unit has four bedrooms and four-and-a-half bathrooms.

Despite the improvement on the previous report, the seasonal slump remains in full force as both buyers and sellers are out of the city vacationing at the end of the summer. Although time will tell if the numbers show a larger market downturn.

The second most expensive contract was an $11.15 million unit at 212 West 18th St. The Walker Tower condo spans 2,168 square feet and has two bedrooms and two-and-a-half-bathrooms.

SOURCE: Mansion Global

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