Manhattan’s luxury real estate market undisturbed by tough economic environment

The Manhattan real estate market saw another week of bountiful luxury transactions despite a tough economic environment, according to Olshan Realty’s Weekly Roundup Monday.

There were 38 contracts signed on homes asking for $4 million or more – the report’s benchmark for luxury – in the New York borough during the week ending Sunday.

Collectively, these transactions were worth $335.2 million.

“It was an impressive total considering the stock market’s difficult performance thanks to soaring inflation, rising interest rates and the Russia-Ukraine crisis,” wrote Donna Olshan, author of the report. and President of Olshan Realty.

With 29 buyers found last week, high-end condos accounted for the bulk of transactions alongside seven co-ops and two condos.

The most expensive contract signed last week was for a more than 6,500 square foot penthouse at 111 West 57th St., an 82-story building on the former site of the Steinway & Sons piano store.

The duplex unit was asking for $53.8 million and has four bedrooms, high ceilings and a view of Central Park.

The second most expensive transaction last week was for a four-bedroom condo at 155 West 11th St., a five-building complex known as Greenwich Lane. Asking for $22 million, the 3,951-square-foot Greenwich Village spread has floor-to-ceiling windows, city views and a balcony.

The high-end market rebounded from the previous week last week, a seven-day period in which the number of luxury deals signed in Manhattan fell week-over-week for the first time this year. .