The Real Deal New York

Luxury sales dominate in November: Olshan

Report shows 70 contracts were signed Nov. 1-15, compared to 43 at this time last year
November 16, 2015 10:31AM

Manhattan’s luxury market exploded during the first half of the month with a whopping 70 contracts signed, the strongest November start since 2006, according to Olshan Realty’s weekly market report.

Representing nearly $565 million in sales, the 70 contracts signed between Nov. 1 and Nov. 15 beat last year’s 43 contracts during the same time. Last week, there were 33 contracts signed on properties $4 million and up, compared with 24 during the same period a year ago.

Last week’s median asking price was $6.9 million during the week of No. 9-15, and the average sales price was just over $9 million.

The top contract was a 14-room co-op at 101 Central Park West that was listed for $38 million, down from $42 million earlier this year. Even at the reduced price point, it was more than three times higher than the last sale price of $12.2 million in 2003. The gut-renovated pad has five bedrooms, two fireplaces and picture windows with 100 feet of Central Park frontage.

The No. 2 contract was a penthouse at 140 West 12th Street – part of the Rudin family and Global Holdings’ Greenwich Lane – that was asking $26.5 million, or $6,357 per foot. Measuring 4,027 square feet, the duplex has two terraces totaling 3,148 square feet. The developers have sold 183 out of 200 units and prices for the remaining units exceed $3,500 per feet, according to Olshan’s report. [Olshan Realty] – E.B. Solomont