Manhattan luxury market hits slump at end of summer

from manhattan The luxury sales market appears to have hit its traditional August slump, with the week of August 1-7 seeing just 13 sales and a total sales volume of $95.2 million, the lowest volume since October. 2020, according to Monday’s luxury market report from Olshan Realty.

There were “11 fewer sales than the previous week, a sign that scorching summer days are biting the luxury real estate market,” Olshan Realty President Donna Olshan wrote in the report.

After: New York City Townhouse With Indoor Pool And Rooftop Deck Costs Nearly $25 Million

Ten of the week’s 13 sales for properties priced at $4 million and above were condos, and the week’s most expensive deal was at 565 Broome St. in SoHo with the sale of a three-bedroom duplex condo that had recently asked for $14.95 million. Designed by architect Renzo Piano, also known for his work on the new Whitney Museum, the 30-story building includes an indoor pool, sauna and yoga studio, while the newly sold duplex has a 2-story terrace. 200 square feet as well as its own 25 foot swimming pool and outdoor shower.

The second most expensive deal of the week was for a five-bedroom, full-floor condo on the Upper East Side. Recently requested for $11.5 million, the unit includes a library as well as a great room with a fireplace and several bedrooms facing Madison Avenue.

The sale of a townhouse of the week had a name in bold, with a signed contract for a $5.395 million townhouse on 52nd Street that was previously owned by the award-winning singer, songwriter and producer. Grammy winner Kenneth “Babyface” Edmonds, according to the report.

While living in the 1899 Turtle Bay townhouse, Edmonds converted the basement into a temperature- and humidity-controlled recording studio, according to the listing. The cellar still features a central sound system and speakers installed by Mr. Edmonds, in addition to a 700-bottle wine cellar.

Elisha A. Tilghman