The Real Deal New York

22 contracts signed at $4M and up: Olshan report

Top contract was $20 million townhouse at 24 West 11th Street
August 31, 2015 10:30AM

“Steady if unspectacular” was Olshan Realty’s take on last week’s Manhattan luxury market, with 22 contracts signed at $4 million and up.

With a total weekly asking price sales volume of $176.4 million, up from $159.3 million last year, the average asking price was $8.02 million. The median asking price was $6.7 million and the number of days on properties were on the market was 274.

But if the week was less than exciting, the top two contracts show the dramatic price appreciation that’s taken place over the past few years.

The top contract, a 21-foot wide townhouse at 24 West 11th Street, was asking $20 million – a premium over the previous sales price of $12.2 million in 2009. The four-story Greek Revival house, which measures 6,250 square feet, has four bedrooms, four bathrooms, two powder rooms, a library and elevator. (The house sold for $6.7 million in 2007.)

The No. 2 contract was a three-bedroom condo at the Witkoff Group’s 150 Charles Street, asking $16.95 million. The unit, 11C, measures 2,743 square feet, and it originally sold off of floorplans for $12.25 million when the building launched sales in 2013. Witkoff recently allowed buyers to flip contracts, which the contract-holder did in this case. [Olshan Realty]E.B. Solomont