The Real Deal New York

28 contracts inked for $4M and up: Olshan

Units stayed on the market for 272 days
March 21, 2016 10:30AM


From top left: 684 Park Avenue (Credit: Brown Harris Stevens), 212 Fifth Avenue (Credit: Town Residential), 23 East 22nd Street (Credit: CORE) and 212 Fifth Avenue (Credit: Town Residential)

The Manhattan residential luxury market saw 28 contracts signed for pads asking $4 million or more, according to Olshan Realty’s weekly luxury market report.

(click to enlarge)

(click to enlarge)

For the week of March 14-20, the total weekly asking price sales volume was $216.8 million, compared with around $316 million last year. The average asking price of $7.7 million. The average number of days on the market increased from last week to 272 and the average discount was 10 percent. Last year, during the same period, there were 39 deals inked.

The No. 1 contract this past week was 684 Park Avenue, a six-story mansion asking $29.5 million, reduced from $48 million when it went on the market in October 2014. Designed by architecture firm McKim, Mead & White, the 11,235-square-foot landmarked townhouse was built in 1926. It was once home to the Queen Sofia Spanish Institute.

The No. 2 contract was 19A at 212 Fifth Avenue, asking $17.6 million. This four-bedroom, 4.5-bathroom apartment has 4,089 square feet and high ceilings. Madison Equities, Building and Land Technology and Thor Equities are converting the 220,000-square-foot, 24-story office building into 48 luxury condominiums. Amenities in the building include a fitness center, children’s playroom and storage. [Olshan Realty]Dusica Sue Malesevic