The boom times for Manhattan’s luxury real estate market could be coming to an end.
The borough saw just 23 contracts signed last week at $4 million or above, down 16 from the prior week, according to the latest Olshan Realty report. This was also the lowest weekly total since the first week of the year, when the luxury market saw 21 signed contracts. And it was below the weekly average of 26 contracts from 2013 to 2015—the city’s “golden years” for new development—and below last year’s record-setting weekly average of 36 contracts.
In 2020, when the impact of Covid first startled the city, Manhattan averaged just 12
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