The Real Deal New York

Downtown pads give luxury market a boost: Olshan

21 contracts signed at $4M and up between Oct. 5-11

October 12, 2015 10:55AM


Clockwise from top left: 156 Reade Street, 415 Greenwich Street, 45 East 22nd Street and 87 Leonard Street

Manhattan’s luxury market is sluggish no longer, with 21 contracts signed last week on properties $4 million and up, according to Olshan Realty’s weekly luxury market report.

The top six deals were located Downtown, according to the report, which logged a weekly asking price volume of $140.3 million. That’s up from 13 contracts and $81.8 million in asking price volume during the last week of September, and 10 contracts and $65.8 million in asking price volume the week before that.

Between Oct. 5 and 11, the median asking price was $5.75 million and the average number of days on the market was 207.

Olshan chart 101215 lg copyThe top contract was a 6,800-square-foot townhouse at 156 Reade Street that was listed for $13.995 million, down from an original asking price of $16 million in September 2014. Featuring double-high ceilings, a glass staircase and rooftop terrace, the home also has “green” features added in the early 2000s, including geothermal heating and cooling, a water filtration system and sidewalk with radiant heat. The seller paid $7.7 million for the house in 2006.

The No. 2 contract was a flip at the Tribeca Summit at 415 Greenwich Street. The $12 million penthouse closed in March for $7.74 million. Measuring 4,470 square feet, it has a massive 2,766-square-foot terrace, but was being sold as a “white box” with architectural plans that allow for six bedrooms and 5.5 bathrooms. [Olshan Realty]E.B. Solomont