Not many luxury contracts last week, but a few big ones: Olshan

19 deals signed at $4M and above, including the Baccarat PH asking $54M

TRD New York /
Jun.June 13, 2016 11:30 AM

Luxury residential sales volume had a slow week, but a handful of major purchases kept things interesting, according to Olshan Realty’s weekly market report.

Buyers signed a total of 19 new contracts at $4 million or above last week. That followed a Memorial Day week in which 24 contracts were signed.

The average asking price for luxury units sold last week was an unusually-high 12.7 million. The average discount from the original asking price was 6 percent, and units sold this week spent an average of 350 days, nearly a year, on the market.

The largest contract was for the five-bedroom, 7,381-square-foot duplex penthouse at the Baccarat Hotel and Residences at 20 West 53rd Street. The apartment features a 41-foot terrace and Central Park views. The developers, Starwood Capital Group and Tribeca Associates, were asking $54 million at the time of the sale — down from $60 million when the unit first listed.

The second highest-priced contract was for a 25-foot-wide Greek Revival townhouse at 27 East 11th Street. The five-story, seven-bedroom home has a roof deck, two terraces, a landscaped garden, an elevator and seven fireplaces. The seller asked $29.995 million, down from $33.875 million when it listed in October. [Olshan Realty]Ariel Stulberg


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