The Real Deal New York

Banner week for city’s luxury residential market

10 contracts were signed for over $10M: Olshan

November 07, 2016 10:00AM

Clockwise from left: 443 Greenwich Street and 145 West 11th Street

Clockwise from left: 443 Greenwich Street and 145 West 11th Street

There’s finally a good news story out of New York City’s luxury residential market.

Last week saw 10 contracts signed at $10 million and above, the highest total of the year, according to the weekly market report from Olshan Realty.

Out of the 24 contracts signed in the $4 million and above market, 18 were for condominiums (with an average ask of $9.5 million). Four were for co-ops ($8.4 million), one was for a townhouse ($5.5 million) and one was a condop ($4.4 million).

The top deal was for two apartments at 443 Greenwich Street, which were purchased to be combined. Apartment 3A was asking $14.4 million, or roughly $3,400 per square foot. Apartment 2A was asking $14.1 million, or roughly $3,300 per square foot. Both apartments span more than 4,200 square feet. The contracts will no doubt come as welcome news to Nathan Berman’s Metro Loft Management, which led the conversion of the Tribeca property.  Just last week the asking price for apartment 3F at the development was slashed by 11 percent from $11.2 million to $10 million, or $2,707 per square foot.

The no. 2 contract was for apartment 5 at Rudin Management’s  Greenwich Lane Development at 145 West 11th Street,  which was asking $17.2 million, or roughly $3,800 per square foot. The apartment was first put on the market in November 2013 for $16.7 million. The condo has four bedrooms and four full bathrooms. It spans more than 4,500 square feet.

According to Olshan Realty, the median asking price was $7 million. The average discount from original ask to last asking price for the week of Oct. 31 through Nov. 4 was 2 percent. The total weekly asking price sales volume was $215.1 million, and average days on market was 442. [Olshan] — Miriam Hall

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