The Real Deal New York

28 contracts inked for $4M and up: Olshan

Units on average stayed on the market for 280 days
April 18, 2016 09:06AM


From top left: 432 Park Avenue (Credit: Douglas Elliman), 740 Park Avenue (Credit: Corcoran Group), 15 Union Square West, Unit 27/7B (Credit: Town Residential) and 15 Union Square West, Unit 6B (Credit: Sotheby’s International Realty)

The luxury residential market in Manhattan tied for its best week of the year thus far with 28 contracts inked at $4 million or more, but still fell below the 32 contracts signed during the same period last year, according to Olshan Realty’s weekly luxury market report. It has yet to hit 30 contracts signed in a single week this year.

For the week of April 11-17, the total asking price increased to $237 million, with an average asking price of $8.5 million. The average number of days on the market was 280 days and the average discount was seven percent.

For the second time in three weeks, the No. 1 slot went to a unit at 432 Park Avenue. Apartment 66B, asking $32.5 million, has 4,019 square feet including three bedrooms and 4.5 bathrooms, with views of Central Park. The condominium unit features 12.5-foot ceilings and windows that measure 10 by 10 feet. Amenities at Macklowe Properties and CIM Group’s 106-unit tower on Billionaires’ Row include a fitness center, a 75-foot pool, private dining, parking, a garden, and a children’s playroom.

The No. 2 was apartment 2/3D at 740 Park Avenue, asking $22.5 million, reduced from $32.5 million it listed for in 2014, according to records. The Real Deal reported last week that Liz Swig finally sold the duplex, which has four bedrooms, 4.5 bathrooms and three maid’s rooms, at the white-glove co-op. [Olshan Realty]Dusica Sue Malesevic