The Real Deal New York

Luxury pads average 345 days on market: Olshan report

Some developers holding off on reporting sales until fall

August 24, 2015 10:30AM


Clockwise from top left: 140 West 12th Street, 44 East 66th Street, 150 West 12th Street and 400 Fifth Avenue

With the stock market sliding, sales of luxury Manhattan real estate dipped last week, according to Olshan Realty’s latest report.

Buyers signed just 21 contracts at $4 million and up last week, and the average number of days on the market was 345, up from 264 at this time last year. Overall, the total weekly asking price volume was $187.6 million with an average asking price of $8.9 million.

“It should be noted, however, that some developers are holding off reporting sales in their buildings until the Fall, when we will likely see weekly sales stats spike,” the report said.

Olshan-082415-2The No. 1 contract was a 5,300-square-foot penthouse at Rudin Management and Global Holdings Inc.’s Greenwich Lane, which was asking $20.7 million. The condo, at 140 West 12th Street, has four bedrooms and 5.5 bathrooms, with a 34-foot living room and dining area facing the complex’s gardens.

Greenwich Lane is comprised of five buildings and five townhouses and Rudin has reported sales of 179 out of 200 units, with prices averaging $3,125 per foot, according to Olshan Realty. The West 12th Street penthouse was asking $3,195 per foot.

The No. 2 contract was a penthouse combination at 40 East 66th Street, asking $20 million. The two prewar penthouses together total 4,350 square feet, with 3,000 square feet of terraces. The units will have five bedrooms, five bathrooms, two staff rooms and two wood-burning fireplaces. [Olshan Realty]E.B. Solomont