Manhattan is logging fewer inked deals for luxury new development properties.
Over the last four weeks, buyers have signed just 12 contracts to purchase sponsor units in the borough asking $4 million or more, a significant drop-off from the decade average of 28 for the same period, according to a report from Olshan Realty.
That decline is due to a waning new development pipeline in Manhattan, which has resulted in a 62 percent decrease in new construction inventory over the last year, according to data from appraiser Jonathan Miller.
Despite a drop in new development supply, Manhattan’s luxury market still snagged 27 signed deals for homes asking $4 million or more between July 13 and July 19. The total was down slightly from 29 deals inked in the previous period.
The priciest home to enter contract was a penthouse at 73 Wooster Street in Soho, which had an asking price of $27 million. The duplex, which last traded for $16 million in 2024, sold in an off-market deal.
Unit PHA spans 4,900 square feet and has three bedrooms and three bathrooms. It also features a gas fireplace, 15-foot ceilings and a rooftop terrace with a swimming pool.
Douglas Elliman’s Gavin Shiminski and Jonathan Stein had the listing.
The second most expensive property to find a buyer was a condo at Witkoff Group and Access Industries’ One High Line in West Chelsea, with an asking price of $14.6 million. The apartment, Unit West 26D, spans 3,800 square feet and has four bedrooms and four bathrooms. It also features floor-to-ceiling windows and views of the Hudson River.
Amenities in the two-tower project, which the developers bought from a $1 billion foreclosure in 2021, include a fitness center, lap pool, golf simulator, garage and access to services at the attached Faena Hotel.
The final penthouse at 500 West 18th Street found a buyer last month, with an asking price of roughly $27 million. Unit West PH35B was one of 12 penthouses at the project, the first 10 of which closed for an average of $4,800 per square foot.
A team with Corcoran Sunshine, led by Steve Gold, heads sales at the project, which last year surpassed $1 billion in sales, eight years after it first began marketing.
Of the 27 homes to enter contract, 17 were condos, five were co-ops and five were townhouses.
The properties were priced at a combined $205 million, which works out to an average of $7.6 million and a median of $6.3 million. The typical home was on the market for more than a year and was discounted by 7 percent.
Manhattan logs just one contract for $10M+
New York new development has a looming inventory crisis
One High Line snags contract for penthouse asking $27M