The Real Deal New York

18 contracts signed last week at $4M and above: Olshan

January sees just 74 contracts, down from 98 a year ago
February 01, 2016 09:34AM

Buyers signed 18 contracts on Manhattan properties priced at $4 million and up during the last week of January, concluding a “disappointing” first month of 2016, according to Olshan Realty’s weekly luxury market report.

There were 74 contracts signed last month, a 21 percent drop from the 98 contracts signed in January 2015. (There were also 98 contracts signed in January 2014.)

For the week of Jan. 25-31, the total weekly asking price sales volume was $117.7 million with an average asking price of $6.5 million. Properties spent 354 days on the market, on average, with an average discount of 9 percent.

The top contract was a three-bedroom condo at 33 East 74 Street, asking $16.5 million. With 3,851 square feet, the property is located in a boutique building within a row of landmark brownstones. The project launched in January 2014 and reportedly has five units sold.

The No. 2 contract was a six-story, new construction townhouse at 182 East 94th Street, asking $9.5 million, a drop from $10.5 million in April. The developer built the 5,000-square-foot home in 2006, after buying a parking lot at the site for $450,000. The home has five bedrooms, an elevator, garage and roof terrace. [Olshan Realty] – E.B. Solomont