Summer sets in: 18 contracts signed at $4M-plus

UPDATED: July 11, 11:47 a.m.: Manhattan luxury buyers eked out 18 contracts on properties $4 million and up last week amid their July 4 celebrations and the slow summer season, according to Olshan Realty’s weekly market report.

But there is a caveat: six of the 18 contracts were signed at 1 Great Jones Alley, a 16-unit condo developed by Madison Realty Capital, which reported the contracts all at once. The condos hit the market in January, and the six units in contract had an average asking price of $2,808 per square foot. Douglas Elliman Development Marketing has been handling sales.

For the week of July 4-10, the total asking price sales volume was $123.7 million with an average asking price of $7.1 million. (The week prior, there were 24 contracts with a total asking price volume of $208.7 million.)

The No. 1 contract was an 18th-floor condo at CIM Group and Macklowe Properties’ 432 Park Avenue, which was asking $18.5 million. The 4,082-suqare-foot pad has three bedrooms, 4.5 baths and a library.

The No. 2 was a penthouse at the Astor, located at 235 West 75th Street, asking $10.6 million. The 3,438-square-foot unit has four bedrooms and 4.5 baths. [Olshan Realty] — E.B. Solomont

Correction: The number of contracts signed was 18, not 19 as originally reported, due to an error in the source material.