Manhattan’s Luxury Market Cools Off After Hitting Year High

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After a banner run of dealmaking, Manhattan’s luxury market hit the brakes last week.

Buyers signed contracts for 26 homes in the borough asking $4 million or more between March 9 and March 15, according to Olshan Realty’s weekly report. The total was significantly lower than the previous period, when 43 properties entered contract — the highest number of inked deals in about a year.

The most expensive home to find a buyer was a penthouse at Skyline Developers’ 200 East 79th Street, with an asking price of $18 million. The 4,900-square-foot condo, which hit the market in October, last traded for $14.8 million in 2014.

The 20th-floor unit has five bedrooms, five bathrooms and a terrace. It also features a library, an eat-in kitchen and a private elevator landing. Amenities in the 45-unit building include a fitness center, landscaped terrace and residents’ lounge.

Douglas Elliman’s Lauren Muss and Lisa Mathias had the listing.

The second priciest property to land an inked deal was a townhouse attached to the Naftali Group’s latest Upper West Side project, known as the Henry. The 42-foot-wide home, asking $17 million, is one of two built alongside the Robert A.M. Stern-designed building at 211 West 84th Street.

The home spans more than 7,700 square feet and has six bedrooms and six bathrooms. It also features a garden, an eat-in kitchen and a floating bathtub in the primary bedroom. The purchase includes access to the building’s amenities, including a rooftop terrace, pickleball court, bowling alley and cinema.

A team with Compass’ development marketing arm, including Alexa Lambert, Alison Black and Shelton Smith, head sales at the building, which launched in September 2024.

Of the project’s 45 units, 22 have closed so far for an average of $2,900 per square foot. Among the units still on the market are a penthouse asking $29 million and another townhouse, also asking $17 million.

Of the 26 properties to find buyers, 19 were condos, six were co-ops and one was a townhouse.

The homes asked a combined $192 million, which works out to an average of $7.4 million and a median of $6.2 million. The typical home was on the market for more than a year and a half and had a discount of 9 percent.