Activity in the Manhattan luxury market gradually returned to normal levels last week, but some property types in the borough fared far better than others.
According to Olshan Realty, 32 homes with an asking price of $4 million or more are under contract in the borough. Of those, 21 were condos, 11 were co-ops — the best week since the end of April 2022 — and none were townhomes.
The lackluster sales of townhouses marked a sharp decline since April, when eight contracts marked the strongest week for the property type in nearly two years, before May 2022 saw red-hot transaction activity.
The townhouse market was more resilient to headwinds last year due to the greater chance of all-cash buyers. But sales fell 30 percent last quarter, according to townhouse brokerage Leslie Garfield, due to a gap in expectations between buyers and sellers: Buyers expect deep discounts, while sellers insist on asking the highest price.
The most expensive house that came under contract in Manhattan last week was unit PH35A at 500 West 18th Street, which has an asking price of $30 million.
The 5,800-square-foot penthouse was originally listed for $34 million when it went on sale in 2018. The unit has five bedrooms and 5.5 bathrooms, and a 1,300 sq. ft. great room that opens to a 322 sq. ft. loggia.
One High Line, formerly Xi, a project with apartment buildings and a hotel, sold for more than $1 billion in foreclosure two years ago. Amenities include fitness center, 75-foot lap pool, spa, golf simulator, private dining room and gaming lounge. It is served by the adjacent Faena Hotel, which is part of a rebranding project.
The second-most expensive home that came under contract last week was unit 10/11C at 740 Park Avenue, with an asking price of $23.8 million, down from $26 million when it listed last August. The duplex co-op has 11.5′ ceilings and a 720 sq. ft. living room with fireplace leading to the library.
If the sale goes through, it would mark the end of retired semiconductor executive Hamburg Tang’s tenure at the building. Tang, who bought the co-op for $7 million in 1995, was embroiled in a lawsuit with a neighbor over noise from renovations at the Marks unit, which is directly above Tang.
Don accused billionaire Howard Marks of working outside of the hours the building allowed and accused the co-op board of failing to enforce those rules, eventually persuading a judge to limit the hours each day Marks could renovate.
Amenities in the building do not allow financing, including doorman, gym, and storage.
Asking prices for the 32 homes totaled $273 million, with an average price of $8.5 million and a median of $6.3 million. The typical home gets a 9% discount and stays on the market for 630 days.
