Luxury Market Update - October 10

12 contracts were signed last week in Manhattan at $4 million and above, two fewer than the previous week. It was yet another lackluster performance, the 3rd week in a row of declining sales. The usual suspects are to blame—rising interest rates and a chaotic stock market. And once again, a mid-week Jewish holiday slowed the action.

The No. 1 contract was PH80 at 25 Columbus Circle, asking $49 million, reduced from $75 million when it was listed in July of 2019. The Wall Street Journal reported that the unit went to contract for $40 million. It has 8,274 square feet including 5 bedrooms and 6.5 bathrooms with spectacular views of Central Park and the Hudson River. A 42-foot living room is flanked by 2 fireplaces. The condo is being sold by Miami Dolphins owner Steve Ross, the chairman and founder of Related Companies, which developed the building as the Time Warner Center and completed it in 2003. Amenities include a 24-hour doorman, concierge services, valet parking/garage, landscaped terrace with river views, playroom, state-of-the-art fitness center, private screening room, pet terrace, and use of the Mandarin Oriental Hotel’s spa, swimming pool, and other services. Ross is moving to Related’s new building at 35 Hudson Yards.

- Total Weekly Asking Price Sales Volume: $117,719,000

- Average Asking Price: $9,809,917

- Median Asking Price: $6,075,000

- Average Discount from Original Ask to Last Asking Price: 20%

- Average Days on Market: 907

Report by @olshanrealty
Images courtesy of @modlin_group