Manhattan’s luxury property market unaffected by erratic economic environment

Manhattan’s property market has completed another week of successful luxury transactions despite an uncertain economic environment, according to Olshan Realty’s weekly roundup on Monday.

There were 38 contracts signed on homes listed $4 million or more — the report’s benchmark for luxury — in Manhattan during the week ending Sunday, as reported by Mansion Global this week.

These deals were collectively worth $335.2 million.

“It was an impressive total considering the troublesome performance of the stock market thanks to soaring inflation, rising interest rates and the Russia-Ukraine crisis,” wrote Donna Olshan, author of the report and president of Olshan Realty.

The market saw 29 buyers exchange hands with properties last week, where high-end condos compiled a bulk of the condos, along with seven co-ops and to condos.

The most-expensive property sold last week was for a 6,500-square-foot plus penthouse unit at sleek, new 111 West 57th Street, - an 82-story building with unadulterated views of Central Park.

The duplex unit was asking $53.8 million and spans four bedrooms with soaring ceilings and spectacular views of the park.

The second most expensive deal last week was for a four-bedroom condo at 155 West 11th St., a five-building complex known as the Greenwich Lane. Asking $22 million, the 3,951-square-foot Greenwich Village property has floor-to-ceiling windows, city views and a balcony.

Last week saw a bump in the luxury real estate market in Manhattan, from the prior week which saw a decline in the number of luxury contracts signed in Manhattan for the first time this year.