The Real Deal New York

Contracts inked for $4M and up dip to 18: Olshan

This is the lowest total for the same time period since 2012
April 11, 2016 10:41AM


From top left: 152 West 12th Street (Credit: Compass), 17 East 12th Street (Credit: Douglas Elliman), 50 United Nations Plaza, and 71 Reade Street (Credit: Douglas Elliman)

Contracts inked for pads asking $4 million or more tallied just 18 last week, according to Olshan Realty’s weekly luxury market report. It’s the lowest amount of contracts signed during this week since 2012, when 19 contracts were signed.

The lowest weekly total so far this year, was 13 for the week of Feb. 15-21.

For the week of April 4-10, the total asking price was down to $116 million, with an average asking price of $6.4 million. The average number of days on the market checked in at 238 days and the average discount was six percent.

(Click to enlarge)

(Click to enlarge)

The No.1 contract was a townhouse at 152 West 13th Street, asking $15 million. This five-story, 20-foot-wide red brick house was purchased for $5.9 million in January 2014, and then gut renovated, according to the report. The West Village pad has 5,634 square feet including four bedrooms, five bathrooms, an elevator, a garden, and a roof deck.

The No. 2 contract was Unit 6 at 17 East 12th Street, asking almost $10 million, reduced from $14.5 million when it hit the market in June 2015. The 4,514-square-foot unit has four bedrooms, five bathrooms, two fireplaces and 11-foot ceiling heights. Rigby Asset Management developed the nine-unit, 11-story 17 East 12th Street — a site that once housed a 50,000-square-foot parking facility. [Olshan Realty]Dusica Sue Malesevic