Hi Carol,
A jaw-dropping $87.5M West Village penthouse at 140 Jane Street headlined last week’s Manhattan luxury market, fueling a 150% jump in $4M+ sales volume. 140 Jane St penthouse may set a new downtown record. Contracts in the $4M+ segment also rose 57% compared to the prior week—an exceptional outcome for what is typically one of the slowest weeks of the year, proving that exceptional properties and strategic positioning can deliver extraordinary results even in August’s heat.
Market Snapshot
- Contracts Signed: 22 (healthy market benchmark is 20) – +57% from the prior week, down 3% from the same period last year
- New Listings: 16 – unchanged from last week
- Off-Market Listings: 18 – down 51% from last week, down 40% month-over-month vs. last year
- New Development: 8 contracts – 36% market share
- Sales Volume: $257,835,000 – +150% from last week
- Discounted Contracts: 8 (36% of total) – median discount 7%
- $10M+ Market Segment: 6 contracts – 27% market share
- $10M+ Market Pulse: 0.75 – down 2.7 pts from last month, down 0.1 pts YoY (Measures the balance of supply and demand; higher numbers indicate stronger conditions for sellers.)
- $10M+ Climate Index: 0.36 – down 50.7% from last month, up 33.3% from last year (Based on the ratio of contracts signed versus listings coming off the market, it measures the strength of the market for sellers.)
- $4M+ Market Pulse: 1.65 – down 0.7 pts from last month, up 40.5 pts from last year (Measures the balance of supply and demand; higher numbers indicate stronger conditions for sellers.)
- $4M+ Climate Index: 0.59 – down 34.4% from last month, up 40.5% from last year (Based on the ratio of contracts signed versus listings coming off the market, it measures the strength of the market for sellers.)
Neighborhood & Property Type Performance
- Top Neighborhood: Midtown led with 7 contracts – 32% market share
- Property Type Leader: Condos dominated with 16 contracts – 73% market share
Top 2 Contracts- See All 22 Contracts
#1 – 140 Jane Street, PHB – West Village | New Development
Last Asking: $87.5M | 6 Beds, 7.5 Baths | 9,532 sq. ft. | $9,179 psf
#2 – 55 E 77th Street, PHB – Upper East Side | New Development
Last Asking: $24.7M | 7 Beds, 6.5 Baths | 5,516 sq. ft. | $4,477 psf | 182 DOM
Insights & Advice
For Sellers:
Inventory is tightening—off-market listings dropped 51% last week and are down 40% from last month. At the same time, contracts rose 57%. If your property is attracting solid interest, stay the course. If not, assess its positioning against the competition and consider a decisive price adjustment to lead the market.
For Buyers:
New inventory is limited, and turnkey listings are especially scarce. Consider looking at older condos or co-ops that need renovation—these can offer compelling value. Bring in a trusted contractor early to get accurate renovation estimates. (I have excellent contractor resources for clients ready to take advantage of these opportunities.)
Wrap-Up
August is proving that even in traditionally slow weeks, the Manhattan luxury market can deliver powerful results when the right property meets the right buyer. Strategic pricing, strong presentation, and timing are driving deals—making now an opportune moment for decisive action.
Thank you for be a loyal reader of the Pulse. Please share the Pulse with others.Reach out to me with any of your real estate questions or a building report that compares the performance of your building to others in your neighborhood.
Warm regards,
Carol
Carol Staab
Global Real Estate Advisor
Sotheby's International Realty..
650 Madison Avenue
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