Manhattan Luxury Contracts Notch Four-Month High

The Manhattan luxury market had its busiest stretch last week since October.

Twenty-five units went into contract last week, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. It’s the highest total since the first week of October, when 26 contracts were signed.

That also happens to be the last time 760 Madison Avenue topped the luxury market, when Unit PH10 went into contract after asking $25 million. The building, known as the Giorgio Armani Residences, topped the market once again last week, with a buyer signing a contract for the ninth-floor unit in the building that was also asking $25 million.

The sponsor condo unit as five bedrooms, 5.5 bathrooms and spans 4,500 square feet. Both bedrooms and several common rooms overlook Madison Avenue.

The building, which is slated to include an Armani store in the ground-floor retail space and reportedly counted the designed of the same name as a buyer has 1 units across 12 stories. Half of the units have sold and closings are expected to start in the second half of the year, according to the sales office.

Douglas Elliman Development Marketing is representing the building.

The second most expensive unit to enter contract last week was unit 17FG at 50 West 66th Street, with an asking price of $16.5 million. The condo spans 4,500 square feet and has five bedrooms and five and a half bathrooms. Amenities in the building include an indoor lap pool, an outdoor salt water pool, basketball and pickleball courts and a screening room.

Corcoran’s Beth Benalloul and Hilary Landis had the listing.

Of the 25 units to enter contract last week, 15 were condos, five were co-ops and five were townhouses.

The homes’ combined asking price was $213.3 million, which works out to an average asking price of $8.5 million and a median asking price of $7 million. The typical home spent 399 days on the market and received a 6 percent discount.