Only nine luxury apartments go into contract in rough week

New York /
Nov.November 18, 2013 01:15 PM

A dismal nine condominiums and co-ops priced at $4 million and up entered contract last week in Manhattan, according to a weekly luxury market report from Olshan Realty released today.

Over the three previous weeks, there were 38, 22 and 22 contracts signed, respectively. But the weekend ending Nov. 17 marked a slump, with six condos and three co-ops. The average asking prices were $6.2 million for co-ops and $5.9 million for condos. The average condo size was 2,656 square feet, or $2,211 per square foot. Overall, the median asking price was $5.1 million.

Donna Olshan, founder of the eponymous brokerage, said she expected a bumpy ride for the luxury market in Manhattan through the end of the year.

“This is a seasonal phenomenon, as many buyers are focused on holiday shopping and other activities,” she said in a statement.

The biggest contract was for a four-bedroom penthouse co-op at 898 Park Avenue asking $9.95 million. The triplex has two living rooms, one of which has a wraparound terrace, the listing shows. Trailing that contract was one for a three-bedroom condo at Macklowe Properties’ 737 Park Avenue asking $8.9 million.

During one week in September, no luxury co-ops entered contract at all, as previously reported. — Mark Maurer


Related Articles

arrow_forward_ios
The 17 Jane Street duplex condo (Compass)
Manhattan luxury market logs best Thanksgiving week ever
Manhattan luxury market logs best Thanksgiving week ever
9 East 68th Street, 22 East 67th Street (elliman.com, streeteasy.com)
Manhattan luxury market breaks single-week record for contract signings
Manhattan luxury market breaks single-week record for contract signings
Year-high 60 Manhattan luxury contracts signed as travel ban lifts
Year-high 60 Manhattan luxury contracts signed as travel ban lifts
Year-high 60 Manhattan luxury contracts signed as travel ban lifts
Led by $67M deal at Naftali’s Bellemont, buyers flock to pricey UES condos
Led by $67M deal at Naftali’s Bellemont, buyers flock to pricey UES condos
Led by $67M deal at Naftali’s Bellemont, buyers flock to pricey UES condos
Fueled by 20% discounts, sales of Manhattan luxury co-ops heat up
Fueled by 20% discounts, sales of Manhattan luxury co-ops heat up
Fueled by 20% discounts, sales of Manhattan luxury co-ops heat up
Manhattan luxury market logs biggest week since 2013
Manhattan luxury market logs biggest week since 2013
Manhattan luxury market logs biggest week since 2013
Two penthouse apartments were sold at 150 East 78th Street with the intent of combining them (Compass)
Double penthouse asking $33M is priciest listing snapped up
Double penthouse asking $33M is priciest listing snapped up
Manhattan luxury contracts surge to 6-month high in first week of October
Manhattan luxury contracts surge to 6-month high in first week of October
Manhattan luxury contracts surge to 6-month high in first week of October
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...