The Real Deal New York

28 contracts signed at $4M and above: Olshan

Top contract was $15M duplex penthouse at 247 West 12th Street

May 02, 2016 09:22AM

Olshan Luxury Market Report

From left: 247 West 12th Street, rendering of 160 Leroy Street and 211 Central Park West

There were 28 Manhattan luxury residential contracts signed at $4 million and above last week, according to Olshan Realty’s weekly market report – down from 34 contracts signed in the same period last year.

The Manhattan luxury market continued to struggle to break 30 contracts signed at $4 million above in a given week in 2016, Olshan reported, though the 28 contracts agreed between April 25-May 1 represented an improvement from only 21 contracts the previous week.

The total weekly asking price sales volume hit $191.4 million, Olshan said, with the average asking price at just over $6.8 million. The average number of days on the market was 189 days, while the average discount from original asking price stood at 5 percent.

The top contract signed last week was an eight-room duplex penthouse co-op at 247 West 12th Street in the West Village, which comes with a 1,000-square-foot landscaped roof deck and was asking just under $15 million. The penthouse is a combination of two units that were purchased for $6.2 million in 2007.

That was followed by a four-bedroom, 3,450-square-foot unit at Ian Schrager’s 160 Leroy Street in the West Village, which asked $14.5 million – down from $15.25 million when it first hit the market in January. [Olshan Realty]Rey Mashayekhi

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