Manhattan’s luxury market beat the odds in September, though it’s typically considered one of the slowest periods for transactions in the city.
The number of contracts signed for homes in the borough asking $4 million or more dipped last week, but the market last month still managed to outperform the decade-long norm, according to Olshan Realty’s weekly report. During September, buyers inked deals for 97 properties, up from the 10-year average of 71.
Despite the uptick over the month, just 18 homes entered contract between Sept. 23 and Sept. 29, down from 27 in the previous week. Of the properties to find buyers, 14 were condos, two were co-ops and two were townhouses.
A duplex at the Naftali Group’s 211 West 84th Street building, asking $15.5 million, was the priciest home to land a signed contract. The 5,000-square-foot condo, which was sold off of floor plans, has five bedrooms and four bathrooms. Unit 7A also features double-height ceilings, an eat-in kitchen and wood-burning fireplace.
Sales at the 45-unit building known as The Henry launched this month, led by a team with Compass’ new development arm headed by top broker Alexa Lambert. The Robert A.M. Stern-designed project is expected to be completed by the end of 2026. Its amenities include doormen, a fitness center, pickleball court, bowling alley and rooftop garden.
The second most expensive home to find a buyer was a condo at 20 East 76th Street, with an asking price of $15 million. Another apartment at the condo project, which sits on top of the Surrey Hotel, also landed among the top contracts signed the previous week.
Unit 11A spans 3,000 square feet and has three bedrooms and three bathrooms. It’s one of 14 units spread through the 11th and 16th floors of the building, with amenities such as a fitness center, rooftop terrace and private members’ club Casa Tua.
Douglas Elliman is leading sales at the project, which launched this fall. The brokerage’s team is headed by Lauren Muss and Michelle Griffith.
The Reuben Brothers bought the property for $150 million, a 30 percent discount from the asking price, in 2020, after the hotel filed for bankruptcy earlier that year. The building later underwent a restoration by BKSK Architects.
The homes’ combined asking price was $139 million, which works out to an average price of $7.7 million and a median of $6.5 million. The typical home spent 628 days on the market and received a 4 percent discount.
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