Manhattan Luxury Market Gets a Fall Bump as Sales Hit 4-Month High

The week of Sept. 28–Oct. 4 saw an astonishing 13 more luxury sales—defined as $4 million and above—than the previous week, according to Olshan Realty's weekly luxury report. The total transaction count (30) is also the highest it has been since the week ending June 14.The Manhattan luxury market is heating up, with 30 contracts signed last week, marking a four-month high.As usual, condos took the lead, outselling co-ops 21 to 7. Co-ops rarely outsell condos—such as they did for the week ending June 21—and typically, condos, which don't have the onerous board approval process that co-ops do, lead luxe sales.Condos are generally more expensive, and the condo contracts signed this week demonstrated that, with an average ask of $9.3 million versus $5.4 million for co-ops.Sales included one condop (a small slice of NYC housing stock that combines legal elements of both condos and co-ops) and one townhouse. Loading...The penthouse at the midcentury 500 Park Ave. building near Central Park is listed for nearly $10 million.Tim Waltman / Evan Joseph Photography / The Katzen TeamThe spike in luxury sales comes as inventory remains extremely tight in the borough.According to Compass' Manhatt...