The Real Deal New York

20 contracts signed at $4M or more: Olshan

Units are staying on the market longer, at 330 days
March 07, 2016 10:30AM


Clockwise from top left: 221 West 77th Street, 1 Central Park South, 155 East 79th Street and 250 West Street

Sales in the Manhattan luxury real estate market dipped slightly from the week before, with buyers inking 20 deals for pads asking $4 million or more, according to Olshan Realty’s weekly luxury market report.

For the week of Feb. 29-Mar. 6, the total weekly asking price sales volume was $168.8 million with an average asking price of $8.4 million. The average number of days on the market jumped to 330 days from 173 with an average discount of eight percent, up from three percent last week. This is contrast to last year, which had 30 contracts signed during roughly the same time period. February 2015 saw a record 116 contracts inked.

Number of condo and co-op contracts signed weekly at $4M and up

Number of condo and co-op contracts signed weekly at $4M and up

The No. 1 contract was the penthouse at Naftali Group’s 221 West 77th Street, asking $22.5 million. The five-bedroom, 5.5-bathroom condominium was sold off of floor plans. The 6,005-square-feet duplex has four bedrooms downstairs while upstairs features a living room with a fireplace, a dining room, kitchen, den and another bedroom. It also boasts a 1,344-square-foot Rooftop Terrace.

Sales at the 18-story, 26-unit building on the Upper West Side, which is slated to be completed next year, launched in September and five contracts have been signed, according to the Olshan report.

The No. 2 contract was two Plaza Hotel condo units, 1101/1102, at 1 Central Park South, asking $20.9 million. The price was chopped from $25 million from when the two units first hit the market a year ago. Together, the units, which need to be combined, total 3,800 square feet, have five bedrooms, 5.5 bathrooms, and a living room with 11-foot ceilings that faces Central Park. [Olshan Realty]Dusica Sue Malesevic