Luxury housing market suffers its worst week in more than a year

Luxury housing market suffers its worst week in more than a year

For the second week in a row, Manhattan's luxury housing market had its worst week in more than a year, this time with only eight contracts signed for $4 million or more.

The seven deals-six condos, one co-op and one condop -totaled a staggeringly low weekly sales volume of $45.4 million, down from last week's total of $63.6 million from 10 signed contracts.

Donna Olshan, the president of Olshan Realty, wrote in the report. The sales volume 'was the lowest since the pandemic was raging' in mid-summer 2020, when six contracts totaling $36.5 million were signed.

Last week's most expensive signed contract was for a Tribeca penthouse that is worth about $7.5 million, a discount from its October 2022 listing price of $7.95 million. The triplex condo, with its 3,196 square feet, has three bedrooms, three bathrooms, and three terraces, which total 1,200 square feet. The top floor of the unit has a desk with a fireplace that opens onto one of the terraces, which has an outdoor kitchen.

The next-priciest contract was for an upper-eastern co-op asking $6.195 million, which sold within days of hitting the market. The home on East 90th Street has four bedrooms and four bathrooms. The 32-foot living room and the 24-foot great room overlook Central Park and the Jacqueline Kennedy Onassis Reservoir. Other features include three fireplaces and a strip terrace off the first and second bedroom.