April appears unseasonably chilly for the luxury housing market.
Buyers pulled back on purchases of big-ticket apartments last week, a likely sign that high interest rates continue to weigh on residential sales across the board.
Between April 8 and April 14, buyers signed contracts for 18 Manhattan homes priced at $4 million and above, which represented a decline from the previous week’s 26, according to the latest Olshan Luxury Market Report, which tracks high-end deals.
And the stumble comes during a month that traditionally experiences a flurry of activity, said the report, published by the brokerage Olshan Realty.
Indeed, during the second week of April in 2023, buyers signed 26 deals for co-ops, condos and townhouses in Manhattan, according to the data. Earlier years saw even better numbers. The same time frame in April 2022 had 41 contract-signings, and the April 2021 period enjoyed 47 deals, according to Olshan.
The biggest deal of the past week was for a triplex penthouse atop the Grand Millennium condo in Lincoln Square. The six-bedroom, 6,800-square-foot apartment, No. PH3BC at 1965 Broadway, was most recently listed at about $16 million, according to Streeteasy, though it was introduced around $20 million in 2022.
While the actual sale price won’t be known till the deed hits city records later this month, the unit’s seller — who appears to be former JPMorgan Chase & Co. COO Gordon Smith — seems poised to take a loss on the home, which is at West 67th St. According to the city register, Smith paid $18.6 million for the penthouse in 2017.
But the luxury market wasn’t all doom and gloom last week. In fact, a buyer snapped up a four-bedroom condo at 10 Madison Square West, No. 11D, just a few days after it was unveiled for $12.5 million, a speedy transaction for any market.
Still, if it were to close at that price, the NoMad unit — a 3,300-square-foot spread at West 24th Street with 11-foot ceilings and views of Madison Square Park — would essentially be a wash for the seller, real estate investor Lee Pollock, who paid about $12 million for the home in 2016, records show.
Neighborhood-wise, lower Manhattan had the most sales last week, with seven of the 18 deals, according to Olshan. And condos far outpaced co-ops and townhouses, accounting for 14 of the 18.