Manhattan’s Luxury Home Market Just Had Its Strongest Sales Week in a Year

Justin Ray

15 May 2023 at 4:30 pm·2-min read

Real estate shoppers are snapping up luxury homes in Manhattan at a rapid pace.

In the past week ending on Sunday, the borough saw 40 properties with an asking price of $4 million or more that went into contract, according to a new luxury housing report by Olshan Realty. With an average price of $7.5 million, these sales make it the strongest week of 2023 so far—and the largest since May 2022, when 43 contracts were signed.

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The top deal of the past week was a 3,173-square-foot, three-bedroom condo at 15 Central Park West, located near the south end of Central Park that was listed for $26.5 million. The building itself, designed by architect Robert A. M. Stern, includes a 14,000-square-foot gym with a 75-foot pool, a private residents-only restaurant, a library, and an outdoor terrace. The report noted residences in the property have often been ranked in the top two deals in its weekly dispatch.

In second place sat a West Village condo duplex on Barrow Street that had an asking price of $17.5 million, the report stated. It spans 4,287 square feet and contains four bedrooms, four and a half bathrooms, and a bright kitchen surrounded by a 1,992-square-foot terrace. Located in the Keller, a former 1898 maritime hotel turned into a luxe boutique residence that contains just 24 units on seven different floors, the residence also has a prime waterfront view.

The Keller has seen plenty of success as of late. Four contracts in building were reported last week at $4 million and above. In fact, 50 percent of the building has already been sold, “underscoring the high demand for luxury West Village properties,” the report noted.

The development is hopefully a healthy sign for the luxury market. In January, Robb Report reported that high-end real estate sales were suffering due to inflation, rising interest rates, and looming fears of a recession. And more recently, PropertyShark, another real estate database, revealed the Big Apple’s most expensive neighborhoods. The title of priciest neighborhood went to Hudson Yards, with a $5.729 million median home price. The second most expensive was TriBeCa, which posted a $3.5 million median sale price.

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