Price chops grow among $4M-plus pads: report

Luxury pads in Manhattan experienced a wave of price chopping in May, with the average contract seeing a 7 percent reduction, according to Olshan Realty.

The brokerage, which tracks contracts on pads $4 million and up, said the average discount was just 4 percent in May 2015. Last week, there were 33 contracts signed – a 2016 record – but the average price drop was 11 percent, even as properties spent an average of 366 days on the market.

For the week of May 23-29, the total weekly asking price sales volume was $270.8 million with an average asking price of $8.2 million.

Last week’s No. 1 contract was a 2,846-square-foot condo at 15 Central Park West, asking $29.95 million – a discount from the $36.5 million asking price in August 2015. The apartment previously traded for $27 million in 2008.

The No. 2 contract was a condo at Walker Tower at 212 West 18th Street asking $25.5 million, a drop from $34 million when it hit the market in August 2015. The duplex has two terraces and measures 4,871 square feet. It last sold for $17.16 million in 2014. [Olshan Realty] – E.B. Solomont