The Real Deal New York

Manhattan luxury sales volume hit a 2016 high last week

29 contracts signed at $4M and above: Olshan
May 16, 2016 09:00AM

Manhattans’ high-end residential market saw another strong week, with a total of 29 contracts at $4 million and above signed last week, including the most expensive contract so far this year, according to Olshan Realty’s weekly market report.

That makes three weeks in a row of relative bumper crops in the submarket, as 28 luxury contracts were signed between May 2 and 8 and between April 25 and May 1.

Downtown condominium units made just over half the units that went into contract, with 14. In all, 18 of the 29 deals this month were made Downtown. The average asking price of the units sold last week was $9.7 million, and the average discount was just 4 percent. Units sold last week spent an average of 260 days on the market.

The priciest sale this week was PH88 at Macklowe Properties and CIM Group’s 432 Park Avenue on Billionaires’ Row in Midtown, which went into contract for $76.5 million. The five-bedroom, 8,055-square-foot condo features a 44-foot living room, a library with a fireplace and massive 10 by 10 foot windows.

The second-most expensive contract contract was for a penthouse at Novare, the Greenwich Village Methodist church that development firm Flank converted into eight condominiums in 2006. The buyer paid $12.5 million for a the three-bedroom duplex condo, which includes a planted terrace and a 20-foot-high ceiling on the top floor. The unit last sold in 2010 for $6.3 million. [Olshan Realty]Ariel Stulberg