Manhattan is logging fewer inked offers for luxurious new growth properties.
During the last 4 weeks, consumers have signed simply 12 contracts to buy sponsor items within the borough asking $4 million or extra, a major drop-off from the last decade common of 28 for a similar interval, in accordance with a report from Olshan Realty.
That decline is because of a waning new development pipeline in Manhattan, which has resulted in a 62 % lower in new development stock during the last yr, in accordance with knowledge from appraiser Jonathan Miller.
Regardless of a drop in new growth provide, Manhattan’s luxurious market nonetheless snagged 27 signed offers for properties asking $4 million or extra between July 13 and July 19. The overall was down barely from 29 offers inked within the previous period.
The priciest house to enter contract was a penthouse at 73 Wooster Avenue in Soho, which had an asking worth of $27 million. The duplex, which final traded for $16 million in 2024, offered in an off-market deal.
Unit PHA spans 4,900 sq. toes and has three bedrooms and three loos. It additionally contains a fuel hearth, 15-foot ceilings and a rooftop terrace with a swimming pool.
Douglas Elliman’s Gavin Shiminski and Jonathan Stein had the itemizing.
The second costliest property to discover a purchaser was a apartment at Witkoff Group and Entry Industries’ One High Line in West Chelsea, with an asking worth of $14.6 million. The house, Unit West 26D, spans 3,800 sq. toes and has 4 bedrooms and 4 loos. It additionally options floor-to-ceiling home windows and views of the Hudson River.
Facilities within the two-tower venture, which the builders purchased from a $1 billion foreclosure in 2021, embrace a health heart, lap pool, golf simulator, storage and entry to companies on the hooked up Faena Lodge.
The ultimate penthouse at 500 West 18th Avenue discovered a purchaser final month, with an asking worth of roughly $27 million. Unit West PH35B was one in every of 12 penthouses on the venture, the primary 10 of which closed for a mean of $4,800 per sq. foot.
A staff with Corcoran Sunshine, led by Steve Gold, heads gross sales on the venture, which final yr surpassed $1 billion in sales, eight years after it first started advertising and marketing.
Of the 27 properties to enter contract, 17 have been condos, 5 have been co-ops and 5 have been townhouses.
The properties have been priced at a mixed $205 million, which works out to a mean of $7.6 million and a median of $6.3 million. The standard house was in the marketplace for greater than a yr and was discounted by 7 %.
Learn extra
Manhattan logs just one contract for $10M+
New York new development has a looming inventory crisis
One High Line snags contract for penthouse asking $27M
