Luxe buyers signed 19 contracts at $4M and up: Olshan report

Last year, 30 contracts were signed in the same week
December 14, 2015 11:13AM

Sales of luxury apartments didn’t measure up to the figures from a year ago as only 19 units were sold in the past week, compared to 30 during the same span in 2014, according to Olshan Realty’s latest luxury market report.

In the first two weeks of December this year, a total of 43 luxury units have sold, compared to 61 last year. The headwinds likely stem from low inventory, overpricing, weakness on Wall Street and a strong dollar dissuading foreign buyers, according to firm founder Donna Olshan.

Eleven condo units, seven of those in the Downtown area, made up the majority of the units sold this week. The average asking price stood at about $7.2 million, with the median asking price at $6.3 million. The units sold this week spent an average of 311 days on the market.

The priciest contract was a 4,078-square-foot condo unit at 224 Mulberry Street, which asked $12 million, down from $13.25 million when it first hit the market last year. The three-bedroom apartment features at 990-square-foot terrace, as well as an eat-in kitchen and two parking spots. Developer and architecture firm Flank developed the eight-story, 32,000-square-foot Nolita building, with sales opening in September 2014.

The second largest contract was 154 East 66th Street, a 5,100-square-foot Upper East Side brownstone whose owners asked for $10.9 million, down from $12.3 million in January. The five-story, five-bedroom townhouse features a library, as well as access to a common garden known as Jones Wood. [Olshan Realty]Ariel Stulberg