Luxury Home Market Thriving in Manhattan

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Despite the backdrop of rising interest rates, Manhattan’s luxury real estate market demonstrated a strong performance in the week ending Sunday, as reported by Olshan Realty.

During that week, there were 26 contracts signed for residences in Manhattan priced at $4 million or more, which marked an increase of six contracts compared to the previous week. These contracts included 17 for condominiums, six for co-ops, and three for townhouses.

Donna Olshan, the president of Olshan Realty and the author of the report, noted that achieving such results in a week when interest rates are nearing 8% is quite exceptional. The total value of sales for the week reached $228.7 million, making it the highest dollar value for a single week since July 10-16, when 24 contracts were signed with a total value of $246.95 million.

The top deal of the week involved a sponsor unit at 15 Hudson Yards, located on Manhattan’s far West Side. This unit was listed at $24.975 million, a reduction from its original 2016 price of $32 million. The 5,211-square-foot duplex penthouse, situated on the top floors of the 88-story tower, offers stunning views of the Hudson River, features 26-foot ceilings, and includes four bedrooms and five and a half bathrooms.

This robust performance in Manhattan’s luxury real estate market indicates ongoing demand for high-end properties despite the challenging interest rate environment.