Manhattan luxury home deals plummeted in the first week of the month after a hike in the city’s mansion tax, according to a report on Monday.



Buyers signed contracts for only nine homes priced at $4 million or more in the week ending Sunday, a 64% decline from the previous week, according to the weekly roundup from Olshan Realty. Luxury deals were anemic even for a holiday week, and totaled less than half of what registered during Independence Day week last year, according to Olshan.



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“The rush to close properties before the July 1 increase in the New York State Mansion Tax caused many buyers to accelerate their purchases and thus deplete last week’s totals,” wrote Donna Olshan, president of Olshan Realty and author of the report.



On July 1, the new rules raised the mansion tax from 1% on home sales over $1 million to a progressive tax of 1.25% on sales between $2 million and $3 million, up to as much as 3.9% on sales of homes of $25 million or more.



If last week’s deals are any indication, the substantial tax increase at the highest end of the market already appears to have put off big spenders for the time being.



There wasn’t a single deal over $10 million last week, which is rare for Manhattan.



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The most expensive contract, a four-bedroom condo in Tribeca, was a notch below eight digits, asking $9.725 million. The home has a 30-foot-long living room, 12-foot ceilings and a large outdoor terrace.



The second biggest deal last week was a condo overlooking Madison Square Park, asking $7.65 million. The three-bedroom apartment comes with access to the building’s suite of amenities, including a lap pool and fitness center.



Total deals last week rang in at only $54 million, the lowest total in at least several years, according to a review of past Olshan Reports.

