07/20/2026
đHappy Monday!
â¨Twenty-seven contracts were signed last week in Manhattan at $4 million and above, 2 fewer than the previous week. Condos outsold co-ops, 17-5, with 5 townhouses in the mix.
Stat Geek Alert: In the last 4 weeks, only 12 contracts have been signed on sponsor units at $4 million and above. Over the same 4-week period, the 10-year average is 28. The reason: an acute shortage of new-development inventory. On July 2, in his The Real Deal column, appraiser Jonathan Miller noted a 62.2% decrease in new-development inventory over last year. Between the price of land, 4 years of rising interest rates, skyrocketing construction costs, and other difficulties, new development is in very short supply, especially in Manhattan.
The No. 1 contract was PHA at 73 Wooster Street, asking $27 million; it was an off-market sale. The duplex penthouse has 4,856 square feet including 3 bedrooms and 3.5 bathrooms. It features a 30âx 32â great room with a gas fireplace and a 15-foot ceiling. Upstairs is a roof terrace with 3,008 square feet and a swimming pool. Monthly common charges and taxes total $19,496 in this 6-unit condo that has a full-time doorman and storage units for each apartment. The seller paid $16 million in July 2024.
The No. 2 contract was West 26D at 500 West 18th Street, asking $14.550 million, raised from $14.265 million when the condo, then known as the XI, was first offered off floorplans in 2018; it subsequently landed in a $1 billion-plus foreclosure. The condo has 3,839 square feet including 4 bedrooms and 4.5 bathrooms, plus a 30âx 29â great room and north, east and south views of the Hudson River. Monthly common charges and taxes total $14,174.
The project, now re-branded as One Highline, comprises 2 buildings (a condo and a hotel). Amenities include a fitness center, 75-foot lap pool, spa-treatment rooms, a golf simulator, childrenâs playroom, private dining, a games lounge, and a garage. Services are offered by the adjacent Faena Hotel, which is part of the re-branded project.
âđźOlshan Report
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