Following a lackluster Labor Day week, the Manhattan luxury home market has shown its resilience with a “robust rebound,” according to a report Monday from Olshan Realty.
There were 20 contracts signed on homes asking $4 million or more during the week ending Sunday—double the number seen during the previous seven-day stretch.
Collectively, those deals were worth $193.1 million—more than three times the total brought in the week before.
The bounce back “was a particularly unexpected performance when you consider that it came in the wake of one of Wall Street’s worst weeks of the year,” Donna Olshan, president of Olshan Realty, wrote in the weekly luxury market analysis.
“In the midst of Tuesday’s stock market crash—when the Dow plummeted 1,276 points—four contracts were signed,” she continued. “Then, as the Dow continued to slide further during the week, three contracts were signed on Wednesday; five on Thursday; and four on Friday. None were reported over the weekend.”
Of the 20 high-end deals made last week, 12 were condos, four were co-ops, three were townhouses and one was a condop.
The most expensive contract signed last week was also among the top 10 priciest deals made so far this year, a $49 million penthouse at 35 Hudson Yards on the far West Side of Manhattan The condo spans more than 10,000 square feet with five bedrooms, 14-foot ceilings, a terrace and view of the Hudson River.
The second most expensive property to find a buyer in Manhattan last week was a townhouse in the West Village on West 13th Street asking $23.5 million. Across its 7,386 square feet the home has five bedrooms, four terraces, a garden, an elevator, a screening room, a gym and a wine room.