Last week, the luxury property market in Manhattan continued to move at a slow pace during the hot summer days. However, between August 14 and 18, a total of 19 homes were placed under contract, as reported in Olshan Realty’s weekly real estate transaction report for properties in the neighborhood with prices of $4 million or more.
The most prestigious contract of the week was awarded to a condominium located at 500 West 18th Street. This marks the fourth time that the Witkoff Group, led by Steve Wikoff, and Len Blavatnik’s Access Industries have secured the top contract of the week with their One High Line project. Unit PH32A, which was initially listed at $25 million, saw its price drop by $3 million from its launch in 2018 when it was known as the Xi. The project, consisting of two buildings – a hotel and a residential property – faced a foreclosure of over a billion dollars two years ago before being reintroduced to the market. The 5,700-square-foot apartment boasts five bedrooms and 5.5 bathrooms. Its standout features include a spacious kitchen, a 48-foot living area, and a living room that opens onto a 240-foot loggia. Residents can enjoy amenities from the adjacent Faena Hotel, such as a fitness center, a 75-foot lap pool, a golf simulator, and spa facilities.
The second-highest priced unit to go under contract last week was unit 63B at 432 Park Avenue. Originally listed at $24.5 million, the price was reduced from the $28 million it was listed for when it hit the market in February 2022. This corner unit spans 4,000 square feet and offers three bedrooms, 4.5 bathrooms, and 10×10 windows that provide views of Central Park, the city skyline, and the river. The unit features 12.5-foot ceilings and was purchased by the seller for $24.6 million in 2016. The supertall building located on Billionaire’s Row boasts 96 stories and offers top-notch amenities including a fitness center, a 75-foot lap pool, a private dining room, a garden, and a children’s playroom.
Of the 19 properties that were placed under contract last week, 14 were condominiums and four were co-op units. The only townhouse that was placed under contract belonged to the late Stephen Sondheim. The home of the eight-time Tony Award winner, located at 246 East 49th Street, was listed for sale in July with an asking price of $7 million. The combined asking price for all the properties amounted to $167.6 million, resulting in an average price of $8.8 million and a median price of $5.8 million. On average, properties remained on the market for 657 days and received a 9 percent discount.