37 contracts signed at $4M and up: Olshan

Downtown condos accounted for nearly half the deals
November 09, 2015 11:11AM

UPDATED: 1:47 p.m., Nov. 9: Manhattan’s luxury market roared back last week with 37 contracts signed at $4 million and above, the largest number in any week since mid-May, according to Olshan Realty’s weekly luxury market report.

The strong week, the fourth in a row after a long summer slump, was led by a boomlet in Downtown condo apartments, 15 of which went into contract at $4 million or above this week.

The average discount on units that went into contract this week was just 4 percent. Total volume stood at about $267 million, with the average asking price at about $7.2 million, and the median at $5.8 million.

The most expensive contract of the week was an Upper East Side townhouse at 14 East 95th Street, which asked $13.9 million, down from just under $17 million when it first hit the market in April 2014. The five-bedroom, 5,700-square-foot house – built in 1899 and featuring a garden, two terraces and a landscaped roof – last sold for $14.25 million in early 2011.

The number two contract was Unit 24 at the Related Companies’ Zaha Hadid-designed 520 West 28th Street on the High Line in West Chelsea. The five-bedroom, 4,200-square-foot apartment, which was sold off of floorplans, asked $15.5 million. The 11-story, 39-unit building is slated to be completed in 2017. – Ariel Stulberg

A previous version of this story identified the second largest contract as Unit 25 at 520 West 28th Street. It was actually Unit 24.