Manhattan’s luxury real estate market experienced a slowdown in the week following Labor Day, with only 15 contracts signed for homes priced at $4 million or more between September 1 and September 7. This figure, based on Olshan Realty’s weekly report, is down from 16 contracts in the previous week and falls below the decade average of 17 pending sales during this period.
The most expensive property to go under contract was a condominium at JDS Development and Property Markets Group’s 111 West 57th Street, listed for $22 million. The apartment spans approximately 4,200 square feet and originally hit the market nine years ago with an asking price just under $28 million. The unit features three bedrooms, three bathrooms, a great room with 14-foot ceilings, and views of Central Park.
This sale marks the tenth time a unit at the Billionaires’ Row tower has been among the top two contracts in Olshan’s report so far this year. A separate unit on the building’s 42nd floor found a buyer last month with an asking price of $23 million. Out of the supertall tower’s total of 60 units, 49 have closed deals with an average price per square foot around $4,500. Residents have access to amenities including a fitness center, pool, terrace, and private dining room. Sales at this building are led by The Nikki Field Team with Sotheby’s International.
The second priciest contract was for a condo at 250 West Street in Tribeca, which had an asking price of $14.5 million after hitting the market in April. The apartment measures about 4,100 square feet and includes four bedrooms and four bathrooms. Unit 9A previously sold for just under $12 million when Christopher Heinz—stepson of former Secretary of State John Kerry—and his wife Alexandra transferred ownership to an anonymous LLC in 2016.
The corner unit also offers a library, Hudson River views, and two storage units located on the same floor. Amenities at the building include doormen services, a fitness center, pool, and rooftop terrace; last year natural gas executive Michael Smith sold its penthouse for $60 million. Richard Ziegelasch from Corcoran held this listing.
Of all properties that entered into contract last week in Manhattan’s luxury segment—10 were condominiums while five were co-ops. The combined asking prices totaled $130 million; average home prices reached $8.7 million with a median value of $6.4 million. Most listings remained on the market for over eighteen months before selling and typically saw discounts averaging six percent off their original prices.
