Luxury resi market strong for fourth straight week

30 contracts signed at $4M and above: Olshan

TRD NEW YORK /
May.May 23, 2016 09:36 AM

What luxury residential market slowdown? A full 30 contracts were signed last week at $4 million above, the highest total so far this year, according to Olshan Realty’s weekly market report.

That marks four strong weeks in a row, with 29, 28 and 28 contracts signed over the past three, respectively.

Of those signed last week, nine were for over $10 million, also a 2016 record. Sales in new developments accounted for 16 deals, just over half the total. The median asking price for the units sold last week was $ 7.7 million, units were discounted 8 percent on average from the asking price and spent an average of 287 days on the market.

The most expensive contract was for unit 9A at the Rudin Management’s five-building Greenwich Lane condominium development at 155 West 11th Street in the West Village. The nearly 4,000-square-foot four-bedroom unit, which features a 58-foot living room, asked $16.5 million million. Greenwich Lane is now about 95 percent sold, according to Olshan Realty.

The second largest contract was for the three-bedroom, 3,889-square-foot unit 3B at 33 East 74th Street, known as the Whitney Condos, whose owner asked $14.6 million. [Olshan Realty]Ariel Stulberg


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