The Real Deal New York

Only nine luxury apartments go into contract in rough week

November 18, 2013 01:15PM

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