Manhattan’s Lux Market Tumbles Ahead of Labor Day Weekend

Manhattan’s luxury market slowed to a crawl leading into the Labor Day weekend.

Buyers signed contracts for just 13 homes in the borough asking $4 million or more between Aug. 31 and Sept. 6, according to Olshan Realty’s weekly report. The total was significantly lower than the 24 deals inked in the previous period and even fell below the decade average of 16 for the holiday week. 

September is typically the slowest month for luxury deals, though last week’s numbers were particularly low. Of the pending deals, only one was for a new development unit, while none were for homes asking $10 million or more. The asking price sales volume of the signed contracts was $66 million, the lowest since September 2023, when deal volume totaled roughly $45 million. 

A duplex in Tribeca was the most expensive home to find a buyer, with an asking price of $6.5 million. The loft-style condo at 61 North Moore Street hit the market in July.

Unit 3W has four bedrooms and four bathrooms spread across 2,900 square feet. The apartment also features 11-foot ceilings, exposed cast iron columns and wooden beams and a balcony. The nine-unit building, built in 1915, does not have any amenities. 

Brad Ingalls, Brendan O’Rourke, Emrah Akyildiz and Gil Khoury with Sotheby’s International had the listing.

The second most expensive property to snag an inked deal was a condo at 181 East 65th Street, asking $6.2 million. The apartment, which recently underwent a gut renovation, hit the market in July, three years after it last traded for $5.8 million.

Unit 18B spans roughly 2,200 square feet and has three bedrooms and three bathrooms. It also features a terrace and a chef’s kitchen. 

The condo is one of 93 in the 32-story building, known as the Chatham, developed by the Related Companies in 2000. Amenities in the Robert A.M. Stern-designed building include doormen, a fitness center and garage. 

Corcoran’s Jennifer Wang, Charlie Pigott and George Pigott had the listing.

Of the 13 homes to enter contract, six were condos, six were co-ops and one was a condop. The properties had an average asking price of $5.1 million and a median of $5.2 million. The typical home spent nearly a year on the market and was discounted by 6 percent.

Read more

Central Park Tower condo asking $21M leads momentum in Manhattan luxury contracts

Brooklyn luxury contracts bottoms out in last week of August

Homeowners, Mamdani admin clash on pied-à-terre tax in court