Manhattan Luxury Home Sales Rallied Over Christmas Week

Manhattan luxury home sales rallied just in time for Christmas, as large price cuts lured buyers, according to a weekly round up from Olshan Realty on Monday.

There were 26 contracts signed for homes asking $4 million or more in the week ending Sunday, 10 more than the 10-year average for the holiday week. It was also the second-best Christmas week on record, second only to the frantic dealmaking of last year, which drove  sales up to 42. 

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Major price cuts led to last week’s strong sales, which included 15 condos, eight co-ops and three West Village townhouses.

“One reason for last week’s Santa Claus rally: The average drop in price (from original to the last asking price) among the 26 contacts signed was 20%,” wrote Donna Olshan, president of Olshan Realty and author of the report. 

Two homes tied as the highest priced deal last week: a West Village townhouse and a co-op on Fifth Avenue. 

The co-op at 1040 Fifth Avenue was among the steep price cuts. The home originally hit the market in April 2021 for $32 million and finally found a buyer last week for $25 million. The prewar duplex has four bedrooms, six and a half bathrooms and three so-called staff rooms. The home has a library and primary bedroom that overlook Central Park.

It was tied with a West Village townhouse that was also last asking $25 million. The four-story home with five bedrooms and four and a half bathrooms includes a gym and a small garden. This is the third time in five years the home has changed hands—one of its recent owners was philanthropist and billionaire heiress Aileen Getty. 

The second-priciest deal was a unit at new-build 35 Hudson Yards, which developers steeply discounted to $16.595 million. It was first listed in 2019 for $27.6 million. The five-bedroom home overlooks the Hudson River. 

More:  Read more New York luxury real estate insights here.