Manhattan’s luxury market hit the brakes last week.
Buyers signed contracts for just nine homes in the borough asking $4 million or more between July 28 and Aug. 3, according to Olshan Realty’s weekly report. The total was significantly less than the 25 deals inked in the previous period and marked the lowest total since September 2023.
A penthouse at Naftali Group’s 255 East 77th Street, asking $24.7 million, was the priciest property to land a signed contract. Unit PHB spans 5,500 square feet and has seven bedrooms and six bathrooms. It also features a loggia, views of Central Park and 15-foot ceilings.
Sales at the Lenox Hill condominium launched last fall with Compass’ development marketing arm, led by Alexa Lambert, Alison Black and Shelton Smith, at the helm. Since then, 41 of the building’s 62 units have entered contract with an average asking price of $2,700 per square foot.
Amenities at the Robert A.M. Stern-designed building include a garage, fitness center, swimming pool and recording studio.
Miki Naftali purchased the development site in 2021 for $73 million, and initial plans for the project pegged the sellout at more than $531 million. The developer scored a $236 construction loan from JP Morgan and Starwood Capital in 2023, followed by another $140 million from JP Morgan a year later.
The second most expensive home to find a buyer was a townhouse on the Upper East Side, with an asking price of $8.8 million. The five-story, 9,500-square-foot property, divided into offices, a home and a one-bedroom rental unit, hit the market two years ago asking $11 million.
Compass’ Ian Slater, Brett Walsdorf and Michael Koeneke had the listing.
Of the nine properties, eight were condos, and one was a townhouse.
The homes’ combined asking price was $79.8 million, for an average price of $8.9 million and a median of $7.2 million. The typical home spent more than 580 days on the market and was discounted 11 percent from the original listing price.
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