One High Line Tops Manhattan Luxury Contracts

Activity fell last week in Manhattan’s luxury market, but a pair of big contracts buoyed the market.

Just 16 units went into contract, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more, down from the previous week’s 26 reported deals.

The top contract was for unit 28AD at 500 West 18th Street, with an asking price of $22.1 million. The deal was actually for two units the buyer will combine into a single six-bedroom, six-bathroom home that spans nearly 5,400 square feet.

“We got gazumped on another apartment in the building, speaking to how hot the market is, so then we got creative with the combination of two units,” said Compass’ James Morgan, who represented the buyer.

It’s the fifth time this year a unit at the building, known as One High Line, has topped Manhattan’s luxury market.

A $2 billion project launched in 2018 as the Xi, and went into foreclosure before rebranding in 2021 as One High Line under new sponsor Witkoff. Amenities at the two-building development, which includes a luxury hotel, include a fitness center, a 75-foot lap pool, spa treatment rooms and private dining.

The second most expensive unit to enter contract last week was unit PH at 137 Duane Street, with an asking price of $18 million, down from $20 million when it hit the market in April.

The condo spans 5,000 square feet and has four bedrooms, five bathrooms and a screening room. It also has four terraces totaling over 7,200 square feet of outdoor space and a landscaped rooftop terrace. The seller bought the unit in 2008 for $7.3 million. The five-story, 19-unit building has no amenities.

Of the 16 units to enter contract last week, 10 were condos, five were co-ops and one was a townhouse.

The homes’ combined asking price was $145.5 million. The average asking price was $9 million and the median asking price was $6 million. The typical home spent 530 days on the market and received a 6 percent discount.