Manhattan’s luxury market is officially in a slump.
The borough logged another weekly decline in contracts signed for homes asking $4 million or more, according to Olshan Realty’s report. Buyers signed contracts for just 11 luxury properties between Sept. 8 and Sept. 14, down from 15 in the previous period.
The period followed the usual dip in inked deals around the Labor Day holiday. But in the last four weeks, only 64 homes entered contract, down from 87 during the same period in 2024, and the pending deal values amounted to roughly half of the sales volume recorded last year.
The luxury market as a whole is struggling to find its footing, and the trophy market — defined in the report as homes asking $10 million or more — is in more dire straits. During the same four-week period, just 11 trophy properties found buyers, compared to 27 a year ago.
Even the top contract inked this week was under $10 million, a rare occurrence in the borough. The condo at 111 Murray Street last asked $9.2 million, down from $9.5 million when it hit the market in February.
Unit 45East at the Tribeca building last traded for $6.7 million in 2021. The 2,800-square-foot apartment has three bedrooms and four bathrooms and features a corner great room with views of the Manhattan skyline.
The 157-unit building, developed by the Fisher Brothers, Witkoff Group and New Valley ventures, includes amenities such as a fitness center, pool, hammam and landscaped terrace. Earlier this summer, a penthouse at the building asking $34 million finally landed a buyer after
10 years on the market.
Corcoran’s Nick Riback, Patrick Rukai and Reid Lacognata had the listing.
The second most expensive property to enter contract was a condo at the Naftali Group’s 255 East 77th Street, with an asking price of $8.5 million. Unit 28B spans 2,900 square feet and has four bedrooms and four bathrooms.
The apartment was one of 44 of the building’s 62 units to find buyers since sales launched last October. Amenities in the tower, designed by Robert A.M. Stern, include a garage, fitness center, pool and porte-cochere.
A team with Compass’ development marketing arm, led by Alexa Lambert, is heading sales at the Lenox Hill property.
Of the 11 properties, seven were condos, three were co-ops and one was a townhouse.
The homes’ combined asking price was $70 million, for an average price of $6.4 million and a median of $5.4 million. The typical home spent nearly 250 days on the market and was discounted 4 percent from the original listing price.
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