The Real Deal New York

Luxury sales slow with 13 contracts at $4M-plus: Olshan

Average discount down to 2 percent from 12 percent last week

October 05, 2015 11:35AM


Clockwise from top left: 150 Charles Street in the West Village, 1125 Park Avenue and 245 West 99th Street on the Upper West, and 212 Warren Street in Battery Park

Manhattan’s luxury residential market maintained its relatively tepid pace. A total of 13 contracts were signed this week at $4 million and above, only a slight improvement over last week’s paltry total of 10, according to Olshan Realty’s weekly market report.

The persistently low demand at the high end has also continued to depress prices, with the average unit this week going into contract for $6.3 million, down from $6.6 million last week. The median price, $5.3 million, was also down from last week’s figure of $5.9 million.

The one clear positive sign was a strong fall in the average discount from the original asking price, which came in at 2 percent this week, down from a two-year-high of 12 percent last week.

Olshan chart

The week’s top contract was for the four-bedroom unit M10 at Witkoff Group’s 150 Charles Street in the West Village. The triplex 5,600-square-foot condo features 19-foot ceilings, a fireplace and a 458-square-foot garden. The unit was sold from floorplans in 2013 for $12.5 million. The developer allowed that buyer to reassign the contract for the unit. 150 Charles started closing over the summer. Construction there is nearly complete.

The second most expensive unit of the week was a co-op, 11C at 1125 Park Avenue on the Upper East Side. The nine-room corner unit, which features a library, was asking $9 million. It was last purchased in 2005 for $5.3 million, and has since been renovated. [Olshan Realty]Ariel Stulberg