{"id":300807,"date":"2026-07-20T17:08:10","date_gmt":"2026-07-20T17:08:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/300807\/"},"modified":"2026-07-20T17:08:10","modified_gmt":"2026-07-20T17:08:10","slug":"manhattan-luxury-contends-with-shrinking-new-dev-pipeline","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/300807\/","title":{"rendered":"Manhattan Luxury Contends With Shrinking New Dev Pipeline"},"content":{"rendered":"

Manhattan is logging fewer inked deals for luxury new development properties.<\/p>\n

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.\u00a0<\/p>\n

That decline is due to a waning new development pipeline<\/a> 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.\u00a0<\/p>\n

Despite a drop in new development supply, Manhattan\u2019s 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<\/a>.<\/p>\n

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.\u00a0<\/p>\n

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.\u00a0<\/p>\n

Douglas Elliman\u2019s Gavin Shiminski and Jonathan Stein had the listing.\u00a0<\/p>\n

The second most expensive property to find a buyer was a condo at Witkoff Group and Access Industries\u2019 One High Line in West Chelsea<\/a>, 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.<\/p>\n

Amenities in the two-tower project, which the developers bought from a $1 billion foreclosure<\/a> in 2021, include a fitness center, lap pool, golf simulator, garage and access to services at the attached Faena Hotel.\u00a0<\/p>\n

The final penthouse at 500 West 18th Street found a buyer last month, with an asking price of roughly $27 million<\/a>. 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.\u00a0<\/p>\n

A team with Corcoran Sunshine, led by Steve Gold, heads sales at the project, which last year surpassed $1 billion in sales<\/a>, eight years after it first began marketing.\u00a0<\/p>\n

Of the 27 homes to enter contract, 17 were condos, five were co-ops and five were townhouses.\u00a0<\/p>\n

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.<\/p>\n

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Manhattan logs just one contract for $10M+<\/p>\n

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New York new development has a looming inventory crisis<\/p>\n

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One High Line snags contract for penthouse asking $27M<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Manhattan is logging fewer inked deals for luxury new development properties. Over the last four weeks, buyers have…\n","protected":false},"author":2,"featured_media":300808,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,42980,83,9,24,63],"class_list":["post-300807","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-luxury-market","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/300807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=300807"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/300807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/300808"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=300807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=300807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=300807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}