The city’s luxury real estate market slowed down last week, as financial markets continue to slide.
Across the city, 27 units asking more than $4 million went under contract during the week of March 31 to April 6, according to Olshan Realty’s luxury market report. That’s a fairly typical showing but still a decrease of 40% from the previous week.
The week spanning March 24 to 30 was a record breaker, with the highest number of luxury sales since the close of 2021, at 45 contracts signed. Asking prices for those listings totaled more than $433 million. Last week, for comparison, came to just $188.4 million, a decline of more than 56%
Among the luxury units that went under contract last week was a 4-story mixed-use property in the West Village with an artistic history. Previous owners include photographer Robert Stern and late feminist novelist June Arnold, according to The New York Times. In the 1970s the building at 54 Seventh Ave. South was home to the Women’s Coffeehouse, which served the lesbian feminist community. The property contains a first-floor commercial space, five bedrooms and 3,500 square feet of outdoor space.
The current seller, whose identity is unknown, bought the property for $11.8 million in 2022. The 6,000-square-foot building was most recently listed for $12.3 million, although the final sale price is unknown.
Of the 27 luxury units sold last week, more than half were condos. Of those condos, 80% were sold by sponsors. The sponsor units sat on the market for an average of five and a half years, seeing an average 14% discount from their original prices.
The most expensive listing that went under contract last week was a 6,000-square-foot co-op at 1010 Fifth Ave. The seven-bedroom prewar apartment on the third floor of a building near 82nd Street was originally listed in September for $16.9 million.
