The Real Deal New York

Mercury rises and luxury market withers: Olshan

15 contracts signed at $4M-plus, but days on market hits 333

July 25, 2016 10:30AM

From clockwise: 155 West 11th Street - 10A in Central Village, 530 Park Avenue - 18F on the Upper East Side, 252 East 57th Street - 52A on the Middle East side and 212 Fifth Avenue in Flatiron

From clockwise: 155 West 11th Street – 10A in Central Village, 530 Park Avenue – 18F on the Upper East Side, 252 East 57th Street – 52A on the Middle East side and 212 Fifth Avenue in Flatiron

With temperatures hitting Mars levels, Manhattan’s luxury market slid further during the third week of July with just 15 contracts signed on properties $4 million and up, according to Olshan Realty.

For the week of July 18-24, the total weekly asking price sales volume was $104.5 million with an average asking price of $6.9 million and a median asking price of $5.6 million. The average discount was 6 percent, and the average number of days on market was 333.

What did go into contract?

Fifteen pads priced over $4 million, including a pad at Greenwich Lane that was asking $17.025 million.

The No. 1 contract, at 155 West 11th Street, was a 3,951-square-foot condo with four bedrooms and 4.5 baths. The deal brings the Greenwich Lane development — a complex of five buildings, 194 condos and five townhouses, to 96 percent sold, according to the Olshan report.

The No. 2 contract was a condo at 530 Park Avenue that was asking $11.975 million — a discount from $16.5 million in September. Facing Park Avenue, the unit has 3,328 square feet and two terraces spanning just over 1,000 square feet. [Olshan Realty] E.B. Solomont

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