The U.S. housing market is still shaky, but one niche area had a blockbuster May: the luxury real estate market in New York.
According to Olshan Realty, which tracks sales of residential apartments of $4 million and over, May has been the strongest month for luxury real estate in New York City since 2008.
In the past four weeks, 90 properties have gone under contract at $4 million and above, totaling $811 million in sales, Olshan reported. And 16 contracts were signed just last week.
The biggest sale of the past week was a 5-story townhouse on the Upper East Side, which had asked for $23 million. An $18.5 million duplex penthouse that once belonged to Andy Warhol muse Baby Jane Holzer, also on the Upper East Side, was the second biggest.
Photo: Olshan Luxury Market Report
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