Manhattan’s luxury housing market continued to show signs of weakness last week, with only 11 contracts signed for homes priced at $4 million or more, according to a report from Olshan Realty. This figure represents a decline from the previous week, when 15 such contracts were signed.
The period covered in the report, from September 8 to September 14, followed the usual slowdown associated with the Labor Day holiday. Over the past four weeks, only 64 luxury homes entered contract in Manhattan. That is a significant drop compared to the same period in 2024, when 87 contracts were signed. The total value of pending deals also fell to about half of what was recorded last year.
The market for trophy properties—homes asking $10 million or more—has seen even steeper declines. In the past four weeks, just 11 trophy properties found buyers, compared to 27 during the same stretch last year.
This week’s top contract was for a condo at 111 Murray Street that last asked $9.2 million after being listed at $9.5 million in February. The three-bedroom, four-bathroom apartment spans 2,800 square feet and features a corner great room with views of Manhattan’s skyline. It previously sold for $6.7 million in 2021.
The building at 111 Murray Street has 157 units and was developed by Fisher Brothers, Witkoff Group and New Valley ventures. Amenities include a fitness center, pool, hammam and landscaped terrace. Earlier this summer, a penthouse at the building asking $34 million went into contract after spending ten years on the market.
Corcoran agents Nick Riback, Patrick Rukai and Reid Lacognata represented the listing.
The second highest-priced property entering contract was a condo at Naftali Group’s 255 East 77th Street with an asking price of $8.5 million. Unit 28B covers about 2,900 square feet with four bedrooms and four bathrooms. Since sales began last September at this Robert A.M. Stern-designed tower, buyers have taken up 44 out of its total of 62 units. Amenities include a garage, fitness center, pool and porte-cochere.
A Compass development marketing team led by Alexa Lambert is handling sales at the Lenox Hill property.
Of the properties going into contract last week in Manhattan’s luxury segment, seven were condos, three were co-ops and one was a townhouse.
Combined asking prices totaled $70 million across all properties reported for the week. The average price was $6.4 million while the median stood at $5.4 million. Homes spent an average of nearly 250 days on market and saw discounts averaging around four percent from their original listing prices.
