Twelve contracts were signed last week in Manhattan at $4 million and above, 13 fewer than the previous week. It was the worst week in the luxury market since the week of December 28, 2020, when 10 contracts were signed. This anemic performance coincided with the S&P 500 Index dropping 5.8%, its worst week since March 2020. The S&P has fallen 11 of the last 12 weeks.

Stat Geek Alert: Eight contracts were reported last week in a new condo at 555 West 22nd Street called The Cortland, ranging from $5.1 million to $23.5 million. These contracts are not being counted in today’s report because the head of sales would not confirm the dates when the contracts were signed. The 555 West 22nd Street offering plan was approved a year ago by the New York State Attorney General, and at that point the developer could conduct sales. The ...

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