The Real Deal New York

Luxury contracts down 15 percent during Q2: Olshan

Average prices were up 6 percent to $8.2M for the quarter

June 27, 2016 10:09AM

From Top: 400 East 67th Street PH31 and 141 East 88th Street PHG

From top: 400 East 67th Street PH31. Bottom: 141 East 88th Street PHG

The number of contracts signed on luxury pads priced at $4 million and up dropped nearly 15 percent during the second quarter year-over-year, according to Olshan Realty’s weekly market report.

In all, there were 343 contracts signed during the quarter, down from 402 last year even as prices jumped 6 percent to $8.2 million from $7.7 million. Meanwhile, the average number of days on market increased nearly by 24 percent to 274 from 221, and the average discount ballooned to 7 percent from 4 percent.

For the week of June 20-26, there were 25 contracts signed on properties $4 million and up, with a total weekly asking price sales volume was $192.8 million. The average number of days on market was 326; average asking price was $7.7 million; and average discount was 8 percent.

The No. 1 contract signed last week was a penthouse at 400 East 67th Street, asking $16.95 million, down from $21 million in July 2014. With 4,073 square feet, the duplex penthouse has three bedrooms and a 53-foot great room, plus two terraces totaling 3,000 square feet. One is planted with grass and trees, and has an outdoor kitchen and fireplace. The unit last sold for $11.2 million in 2011.

The runner-up was a penthouse at 141 East 88th Street, asking $16 million. The 4,710-square-foot duplex has four bedrooms and a 1,211-square-foot terrace. [Olshan Realty] — E.B. Solomont

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