Manhattan Luxury Housing Market Suffers Pre-Labor Day Dip

MANHATTAN, New York — Manhattan‘s luxury housing market experienced a familiar decline in dealmaking as the Labor Day holiday approached. In the week ending Sunday, wealthy buyers signed contracts for 16 homes priced at $4 million or more, a drop of six from the previous week, according to a report from Olshan Realty released on Monday.

This figure aligns closely with the 10-year average of 16.5 luxury deals for the week leading up to Labor Day. The most expensive unit sold last week was a condo in Chelsea asking $14.53 million, located in the recently constructed One High Line development. The spacious condo features four bedrooms, four and a half bathrooms, and a grand great room with views of the Hudson River.

One High Line has gained attention since its rebranding and now regularly appears at the top of Olshan’s weekly reports. The building boasts various amenities, including a fitness center, a 75-foot swimming pool, a golf simulator, and a children’s playroom. The second most expensive sale last week was a condo at 220 Central Park South, designed by Robert A.M. Stern, located along Billionaires' Row in Midtown. This unit was listed for $13.5 million and offers two bedrooms and two and a half bathrooms with views of Central Park, along with amenities such as private dining, a basketball court, and an 82-foot saline pool.

Overall, the total value of luxury deals last week reached $111.5 million based on recent listing prices. According to Olshan Realty, last week concluded with 92 contracts signed, marking the fourth-best August since tracking began in 2006.