Manhattan’s luxury real estate market is recovering after a sluggish start to the summer. Last week, buyers signed contracts for 31 properties priced at $4 million or more, matching the same period last year, according to Olshan Realty’s report. This marks an increase of 7 contracts from the previous week, following a period of annual declines where contract signings were down 11% compared to the same timeframe in 2023.

A notable sale was a condo at the Giorgio Armani-branded residences at 760 Madison Avenue, which topped the market with a $23.5 million asking price. The 4,500-square-foot unit features five bedrooms, five bathrooms, a 31-foot living room, an eat-in kitchen, and two bedrooms overlooking Madison Avenue. The 10-unit building includes amenities such as a doorman, fitness center, and residents’ lounge, and houses an Armani store on the ground floor. Douglas Elliman’s Sabrina Saltiel handled the listing.

The second highest contract was for a co-op at 211 Central Park West, listed just under $16 million. This four-bedrooms, four-bathrooms unit, listed by John Burger of Brown Harris Stevens, has been on and off the market since October 2021 when it was initially listed for $22 million. The unit features a 30-foot corner living room and a formal dining room with views of Central Park. The Beresford building includes amenities like doormen, a fitness center, and storage.

Of the 31 contracts signed, 18 were for condos, six for townhouses, five for co-ops, and two for condops. The combined asking price for these homes was $229 million, averaging $7.4 million with a median price of $6 million. Typically, homes spent 485 days on the market and received a 7% discount.