The Real Deal New York

16 contracts signed at $4M and up: Olshan report

Top two properties were on the market 16 months or longer

September 08, 2015 11:30AM


Clockwise from top left: 38 West 87th Street, the Pierre, 230 West 56th Street and 775 Park Avenue

Luxury homebuyers haven’t returned from summer vacation – or so it would seem, with just 16 contracts signed on properties $4 million and up last week, according to Olshan Realty.

With a total asking price volume of $114.06 million – not far off from last year’s $118.68 million – the average asking price was $7.12 million. The average discount was 5 percent, and the average number of days on the market was 283.

Olshan 083115 chartThe top two contracts belonged to properties that hit the market more than a year ago.

The No. 1 contract was a 20-foot townhouse at 38 West 87th Street that was asking $18 million. Measuring 8,400 square feet, the brownstone hit the market in February 2014 in the middle of a gut renovation, which converted a multi-family home into a single-family mansion. In its current iteration, the home has six bedrooms, eight bathrooms, three terraces, a garden, four fireplaces and an elevator. The prior owner paid $5.15 million in December 2011.

The No. 2 contract was a three-bedroom co-op at the Pierre Hotel at 795 Fifth Avenue. Apartment 3304 was asking $16.9 million, down from the original asking price of $18.25 million when the pad hit the market in April 2014. With access to the hotel’s amenities, the apartment also has 46 feet of frontage on Central Park.

[Olshan Realty]E.B. Solomont