The Real Deal New York

24 contracts inked for $4M and up: Olshan

Total asking sales volume checked in at $192M
March 28, 2016 03:57PM


From top left: 998 Fifth Avenue (Credit: Warburg Realty), 293 Lafayette Street (Credit: Corcoran Group), 141 East 88th Street (Credit: Philip House) and 400 Park Avenue South (Credit: Toll Brothers City Living)

Despite the holiday and spring break, the Manhattan residential luxury market held steady at 24 contracts inked for pads asking $4 million or more, according to Olshan Realty’s weekly luxury market report.

For the week of March 21-27, the total asking price sales volume was $191.9 million, with an average asking price near $8 million. The average number of days on the market was 228 days, close to the 214 days at this time last year. The average discount was seven percent.

During the same period last year, 27 contracts were inked with total asking sales volume at $191.1 million.

The No.1 contract signed last week was for apartment 3W at 998 Fifth Avenue, the white glove co-op facing Central Park. The Upper East Side unit was listed at $25.5 million, down from its initial January 2015 asking price of $32 million. The three-bedroom, 6.5 bathroom pad is spread across 5,500 square feet. It has a 35-foot reception gallery with marble floors, a paneled library with a fireplace and a main room that faces the Metropolitan Museum of Art.

On the market since September 2014, the No. 2 contract was Penthouse 6 at Kushner Companies’ Puck Building, asking $18.5 million, reduced from its original listing price of $22 million. The 4,895 square-foot unit at 293 Lafayette Street in Nolita has three bedrooms and 4.5 bathrooms. The unit features 13-foot high barrel-vaulted ceilings, exposed beams and a living room with a gas fireplace. [Olshan Realty]Dusica Sue Malesevic