The Real Deal New York

New development drives 24 contracts at $4M and up: Olshan report

No. 1 contract was asking $32.5 million and spent just one month on the market

December 07, 2015 10:30AM


From left: 1040 Fifth Avenue and 224 Mulberry Street

Of the 24 luxury pads that went into contract last week, 17 were new condos, according to Olshan Realty’s latest luxury market report.

The number of contracts signed on properties $4 million and up was the lowest for the first week of December since 2012. Last year, 32 contracts were signed during the first week of the month, representing $237 million in asking price sales volume.

This year’s asking price volume was higher, though, with total asking price sales volume of nearly $245 million during the week of Nov. 30 to Dec. 6. The average asking price was $10.2 million and the median asking price was $7.8 million. The average number of days on market was 268.

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The top contract was an 11-room co-op at 1040 Fifth Avenue, asking $32.5 million and on the market for just a month. The 10th floor pad has five bedrooms, a library and two fireplaces. The sellers purchased it from businessman Edgar Bronfman Jr. for $21 million in 2008.

The No. 2 contract was the penthouse at 224 Mulberry Street. The pad, at Flank Development’s six-unit boutique condo, was asking $23.75 million, down from $28 million when it hit the market in April. Measuring 5,625 square feet, it has four bedrooms, four terraces, two fireplaces and two parking spaces. [Olshan Realty] — E.B. Solomont