The Real Deal New York

Blame the heat and unpopular co-ops: Only 12 contracts signed at $4M-plus

Sales so far this year have dropped 23 percent

August 01, 2016 08:43AM

Clockwise: Rendering of 432 Park Avenue, 132 East 65th Street penthouse and inside unit 82A at 432 Park Avenue

Clockwise: Rendering of 432 Park Avenue, 132 East 65th Street penthouse and inside unit 82A at 432 Park Avenue

The final week of July closed off a lackluster month in luxury sales with the lowest number of contracts signed for properties $4 million and up since January.

Only 12 contracts were signed at this threshold from July 25 to July 31, according to Olshan Realty’s TRData LogoTINY latest weekly market report. The total asking price sales volume hit $101.98 million during this time period, lower than the previous week’s $104.5 million. The lowest number of contracts sold this year was six during the first week of January.

The number of sales so far this year has dropped 23 percent, from 878 to 677 over the same period last year. The report partially blames the high temperatures this month for the drop in contracts, but also points to the mounting “unpopularity” of co-ops and a drop in sales on the Upper East Side this year compared to last.

For the fifth time this year, the No. 1 contract was signed for a unit at CIM Group’s and Macklowe Properties’ 432 Park Avenue. Last week it was unit 82A with an asking price of $21.5 million. The three-bedroom condo spans 2,633 square feet, which works out to an asking price of roughly $8,166 per square foot. The second most expensive contract signed last week was a penthouse at the Touraine at 132 East 65th Street, which had an asking price of nearly $11 million. [Olshan Realty] — Kathryn Brenzel

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