The Real Deal New York

Sluggish summer: Only 17 contracts signed at $4M-plus

The biggest contract had a $14M ask

July 18, 2016 11:00AM

From clockwise: 451 West 24th Street in Chelsea, 10 West Street in Battery Park City, 20 East End Avenue and 150 Central Park South

From clockwise: 451 West 24th Street in Chelsea, 10 West Street in Battery Park City, 20 East End Avenue on the Upper East Side and 150 Central Park South on the Middle West Side

It was another slow week for luxury residential sales in Manhattan, with only 17 contracts signed for properties priced at $4 million or more, according to Olshan Realty’s latest weekly market report.

The total asking price sales volume reached $118.4 million last week, a slight drop from the volume for the week of July 4-10, which was $123.7 million across 18 contracts.  The average asking price for the properties sold during the week of July 11-17 was nearly $7 million, with an average discount of 4 percent.

The biggest signed contract was for a townhouse at 451 West 24th Street in Chelsea, which had an asking price of $13.7 million, according to the report. The home, which recently underwent a major renovation, sold within a month of hitting the market. The brownstone spans 5,000 square feet across four floors.

The second-largest contract was for a duplex condo at the Ritz Carlton Hotel in Battery Park City that had an asking price of $11.5 million. The five-bedroom condo, at 31/32E 10 West Street, spans 5,088 square feet and has access to the hotel’s services.

Fifteen of the 17 contracts signed last week were condos; the remaining two were for a co-op and a townhouse. The properties were listed for an average of 430 days. [Olshan Realty]Kathryn Brenzel

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