The ultra -rich man of Manhattan found better things to do last week than to draw on the dotted line.
Only nine houses in the municipality that ask $ 4 million or more set deals last week, according to the Olhan Realty report. The decrease in contracts reflected a similar malaise in South Florida, with Miami-Dade County only logging in to deals.
The drop can mean that luxury buyers are just on the summer holidays, or it could be the first suspicion of an icy third quarter – usually the slowest period of the residential market.
But the number of contracts signed could also be undermined, because the total may not include houses that are being marketed as private exclusive or deals that are inked off-market in new development properties such as 80 Clarkson.
The jury is still out how the rest of August it will end, but contract activity in Manhattan was a strong start for the month. In July the number of hanging deals for apartments, cooperatives and houses with one to three family that asked $ 4 million or more to 91, more than 12 percent compared to the same month last year, according to Miller Samuel’s monthly report.
The increase in signed contracts will probably translate into closed deals in the third quarter, but luxury activity exceeded new entries that the market had in the month. Without sufficient inventory for buyers to scoop up, a deal delay can be on the horizon.
New offers for houses that asked $ 4 million or more, fell by 13 percent last month and fell from 129 to 112.
The Upper East Side recorded the largest number of registered transactions in July, with 193 deals, according to data from Streeteasy. After an active June, the deals came to the luxury market of the neighborhood, in which 36 contracts were inked, an increase of 16 percent compared to the same month last year.
Not so fast …
Residential brokers closed the profit season of the second quarter with mixed results.
Three of the largest companies in the sector found different feet such as macro -economic conditions, including persistent high mortgage interest and uncertainty that was raised by rates, the housing market delayed.
Compass ended the period in the black and reported more than $ 39 million in net income and an increase of 90 percent on an annual basis compared to the same quarter last year, according to its profit report. The company also recorded record for three -month sales on more than $ 2 billion, an annual upick of 21 percent.
While compass profits placed, real estate held the line. The parent company of brands such as Corcoran, Coldwell Banker and Sotheby’s International reported a net income of $ 27 million, only $ 3 million less than earned it in the same period in 2024. Turnover was $ 1.7 billion, an increase of 1 percent compared to the second quarter last year.
But the income of Douglas Elliman took a turn for the worst. The company recorded a loss of $ 23 million – $ 21 million more than lost in the second quarter last year – and reversed months of revenue gains, which yielded $ 270 million compared to $ 285 million in 2024. The period was a departure of the upward trajectory started in the first quarter.
NYC Deal of the Week
The most expensive sale to land this week into the city register was a resale of three bedrooms at Extell Development and Aabar Investments 157 West 57th Street. Unit 66b at the Rowtoren of the billionaires, known as One57, was traded for $ 24 million – $ 2 million below the asking price when it came on the market in April. The 4,200 square foot apartment sold for $ 19 million in 2021.
Michael Balanevsky and Artur Fruman from Accent Holdings had the list.
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