Luxury sales drop this week with just 10 contracts at $4M-plus

12% average discount is highest in two years: Olshan

New York /
Sep.September 28, 2015 01:25 PM

Manhattan’s luxury condo market nearly ground to a halt last week, as Yom Kippur and Pope Francis’ visit diverted buyers and sellers from business concerns. Only 10 new contracts at $4 million were signed, the lowest figure since the week of Dec. 30, 2014, when there were just nine.

The low demand in recent weeks also seems to have cut into prices. The average asking price was $6.6 million. The median price was just $5.9 million. Both figures are a decline from the previous week.

The average discount for the properties sold last week, 12 percent, reached the highest level in at least two years. A trend seems to be emerging — the average discount has only registered above 10 percent five times, and three of those instances occurred in the last two months, in the weeks of July 20 and Aug. 3.

The top contract of the week was for a $7.6 million, 2,100-square-foot condominium at Continuum Company’s 45 East 22nd Street in Flatiron. The unit, 40B, features 20-foot high ceilings and a 180-degree unobstructed view to the north, east and south. The building, slated to be finished in 2017, was designed by Kohn Pedersen Fox, with interiors by Martin Brudnizki Design Studio.

The second largest contract came in at just under $7 million, for a two-bedroom co-op unit at the Parc V at 785 Fifth Avenue. Unit 14B boasts hand-painted trompe l’oeil ceilings, as well as a library. Famous residents at the building have included music mogul David Geffen and songwriter Denise Rich. [Olshan Realty]Ariel Stulberg


Related Articles

arrow_forward_ios
15 East 90th Street and 325 West Broadway (Getty, CityRealty, Streeteasy)
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Unit 124 at 217 West 57th Street and Gary Barnett (Extell Development, StreetEasy)
“124th floor” at Central Park Tower tops Manhattan luxury contracts
“124th floor” at Central Park Tower tops Manhattan luxury contracts
464 Greenwich Street, Mickey Drexler (Getty, Corcoran)
Quirky homes top Manhattan’s luxury contracts
Quirky homes top Manhattan’s luxury contracts
A photo illustration of Joseph Chetrit and 215 East 19th Street (Getty, Google Maps)
Chetrit-developed Gramercy condo leads Manhattan luxury contracts
Chetrit-developed Gramercy condo leads Manhattan luxury contracts
Elad Group's Isaac Tshuva and 250 West Street (Elad Group, Getty Images, Naftali Group, Getty)
Elad’s 250 West Street tops Manhattan luxury’s cool week
Elad’s 250 West Street tops Manhattan luxury’s cool week
3 East 95th Street and 267 West 11th Street (Google Maps, Getty)
Carhart Mansion unit in contract as Manhattan luxury market bounces back
Carhart Mansion unit in contract as Manhattan luxury market bounces back
Related Companies' Stephen Ross and 25 Columbus Circle (Streeteasy, Getty, Related)
Steve Ross’ penthouse tops Manhattan contracts despite big price cut
Steve Ross’ penthouse tops Manhattan contracts despite big price cut
Rupert Murdoch with 23 East 22nd Street
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
arrow_forward_ios

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

Loading...