The Real Deal New York

21 contracts signed at $4M and above: Olshan

Luxury market drags with just 150 contracts since January, down from 214 last year

February 29, 2016 10:45AM


Clockwise from top left: 1050 Fifth Avenue, 1010 Fifth Avenue, 993 Park Avenue and 145 Central Park West

Luxury buyers scooped up 21 pads asking $4 million and up last week, bringing the year-to-date total to the lowest point since 2012, according to Olshan Realty’s weekly luxury market report.

Since January, Olshan said 150 contracts were signed at $4 million and up, compared with 214 contracts during the same time in 2015; 192 in 2014; and 176 in 2013. In 2012, there were 108 contracts during the same time period.

For the week of Feb. 22-28, the total weekly asking price sales volume was $144.4 million with an average asking price of $6.8 million. The average number of days on market was 173, with an average discount of 3 percent.

The No. 1 contract was a co-op at 1050 Fifth Avenue, asking $16.5 million. The three-bedroom pad has three terraces, including one off the master suite. The unit, 19B/19C, is the combination of two units purchased for $3.5 million and $2.8 million in 2006 and 2010, respectively.

The No. 2 contract was a penthouse co-op at 885 Park Avenue, asking $10.5 million. The unit is the top floor of a duplex that was on the market from 2012 to 2014, asking nearly $35 million. The top floor is currently raw space with a 63-foot view of Park Avenue. Marketing materials show it could be turned into a three-bedroom home. [Olshan Realty] — E.B. Solomont