The Real Deal New York

Luxury sales drop this week with just 10 contracts at $4M-plus

12% average discount is highest in two years: Olshan

September 28, 2015 01:25PM

Olshan report

Clockwise from top left: 45 East 22nd Street in Flatiron District, 785 Fifth Avenue on the Upper East Side, 252 East 57th Street in Midtown East and 35 West 15th Street in Flatiron

Manhattan’s luxury condo market nearly ground to a halt last week, as Yom Kippur and Pope Francis’ visit diverted buyers and sellers from business concerns. Only 10 new contracts at $4 million were signed, the lowest figure since the week of Dec. 30, 2014, when there were just nine.

The low demand in recent weeks also seems to have cut into prices. The average asking price was $6.6 million. The median price was just $5.9 million. Both figures are a decline from the previous week.

The average discount for the properties sold last week, 12 percent, reached the highest level in at least two years. A trend seems to be emerging — the average discount has only registered above 10 percent five times, and three of those instances occurred in the last two months, in the weeks of July 20 and Aug. 3.

Olshan graphThe top contract of the week was for a $7.6 million, 2,100-square-foot condominium at Continuum Company’s 45 East 22nd Street in Flatiron. The unit, 40B, features 20-foot high ceilings and a 180-degree unobstructed view to the north, east and south. The building, slated to be finished in 2017, was designed by Kohn Pedersen Fox, with interiors by Martin Brudnizki Design Studio.

The second largest contract came in at just under $7 million, for a two-bedroom co-op unit at the Parc V at 785 Fifth Avenue. Unit 14B boasts hand-painted trompe l’oeil ceilings, as well as a library. Famous residents at the building have included music mogul David Geffen and songwriter Denise Rich. [Olshan Realty]Ariel Stulberg