Manhattan’s luxury real estate market kicked off October with a surge in signed contracts, despite challenges from rising mortgage rates and New York City’s controversial pied-à-terre tax. According to Olshan Realty’s weekly report, 30 deals closed for homes priced at $4 million or more between Sept. 28 and Oct. 4, up from 17 in the prior period. This marked the first time the borough hit 30 contracts since early June.
The most expensive sale was a condo at 70 Vestry Street, listed by Compass’ Mary Roth, Eric Brown, and Zeve Salman. The unit, which hit the market in September, sold for $34 million, up from its 2018 purchase price of $21.4 million. The four-bedroom, 4,400-square-foot apartment features two terraces, a library, and a 38-foot corner great room with Hudson River views. The Robert A.M. Stern-designed building offers a garage, fitness center, squash court, and three pools.
The property is one of 46 in the building completed in 2018. Earlier this year, reality TV star Julia Haart sold the penthouse at 70 Vestry for $57 million after winning it in her divorce from Silvio Scaglia.
The second-priciest deal was a condo at 555 West 22nd Street, which sold just under $20 million. Listed at $23 million in 2024, the 4,600-square-foot unit has four bedrooms, five bathrooms, and river views. Developed by Related Companies and Mitsui Fudosan America, the Cortland features a fitness center, golf simulator, pool, and rooftop terrace.
Sales launched at the Cortland in 2022, with closed sale prices averaging over $2,900 per square foot. In May, the building was reported to be roughly 90 percent sold, highlighted by a $40 million penthouse sale. Corcoran’s Noble Black and Steve Cohen are representing the remaining units. Of the 30 October contracts, 21 were condos, seven co-ops, one condop, and one townhouse.
These properties commanded a combined $246 million, with an average sale price of $8.2 million and a median of $6.2 million. The typical home spent over 18 months on the market and sold at 5 percent below asking. Despite economic headwinds, luxury buyers continued to engage in Manhattan’s high-end market, suggesting enduring demand for premium properties even amid tax and rate pressures.
