The Real Deal New York

Luxury sales pick up with 20 contracts at $4M-plus: Olshan report

Two $35M pads went into contract

September 21, 2015 11:00AM


Clockwise from left: 15 Central Park West, 551 West 21st Street, 443 Greenwich and 1110 Park Avenue

In a sign that the fall selling season is here, not one – but two – $35 million pads went into contract last week, according to Olshan Realty’s weekly market report.

In all, there were 20 contracts signed at $4 million and up, a slight uptick from last week’s 17. Overall, the total weekly asking price sales volume was $199 million, far below the $290 million last year at this time.

Last week, the median asking price was $6.475 million and the average asking price was $9.956 million. The average number of days on the market was 270.

Olshan largeOf the two $35 million properties that went into contract, one was a sprawling 4,565-square-foot condo at 15 Central Park West, the limestone building designed by architect Robert A.M. Stern. The four-bedroom pad was purchased from Zeckendorf Development for $16.9 million in 2008.

The other was an even more massive, 6,137-square-foot penthouse at 551 West 21st Street on the High Line. The full-floor condo has three bedrooms, 3.5 bathrooms and two loggias. The 44-unit building, designed by Sir Norman Foster, launched in March 2014, and developer Scott Resnick’s SR Capital is reporting 28 contracts signed to date, averaging $3,478 per square foot. [Olshan Realty]E.B. Solomont