Manhattan Luxury Market Sees Spring Swoon

Manhattan’s luxury market is getting a slow start to spring.

Only 18 contracts for units asking $4 million and up were signed last week, a 31 percent drop from the previous period and the lowest total since the first week of the year, according to Olshan Realty’s weekly report.

The week came in historically low compared to early Aprils of years past. The same week last year saw 26 signed contracts, in 2022 notched 41 and in 2021 reported 47.

The most expensive signed contract was for PH3BC at 1965 Broadway, which was on the market for just under $16 million. The asking price was down $4 million from when it first hit the market in 2022. The sellers paid $18.6 million for it in 2017.

The six-bedroom, 6.5-bathroom, triplex condo spans nearly 7,000 square feet and has two terraces, one of which has an outdoor kitchen. The home has a 49-foot great room that overlooks the city and Hudson River.

Compass’ Lindsey Stokes had the listing.

The second most expensive home to enter contract last week was 11D at 10 Madison Square West. The home, which had an asking price of $12.5 million, hit the market two weeks ago.

The 3,300-square-foot corner condo has four bedrooms and 4.5 bathrooms. It also has 11-foot ceilings and an 850-square-foot great room overlooking Madison Square Park.

Amenities include a 60-foot lap pool, hot tub and a garden courtyard. The seller bought the unit from the sponsor in 2016 for just under $12 million.

Compass’ Heather Domi had the listing.

Of the 18 units to enter contract last week, 14 were condos, two were co-ops and two were townhouses.

The homes’ combined asking price was $133.3 million, which works out to an average of $7.4 million and a median of just under $7 million. The typical home spent 803 days on the market and received an 8 percent discount.