Sluggish summer: Only 17 contracts signed at $4M-plus

The biggest contract had a $14M ask

New York /
Jul.July 18, 2016 11:00 AM

It was another slow week for luxury residential sales in Manhattan, with only 17 contracts signed for properties priced at $4 million or more, according to Olshan Realty’s latest weekly market report.

The total asking price sales volume reached $118.4 million last week, a slight drop from the volume for the week of July 4-10, which was $123.7 million across 18 contracts.  The average asking price for the properties sold during the week of July 11-17 was nearly $7 million, with an average discount of 4 percent.

The biggest signed contract was for a townhouse at 451 West 24th Street in Chelsea, which had an asking price of $13.7 million, according to the report. The home, which recently underwent a major renovation, sold within a month of hitting the market. The brownstone spans 5,000 square feet across four floors.

The second-largest contract was for a duplex condo at the Ritz Carlton Hotel in Battery Park City that had an asking price of $11.5 million. The five-bedroom condo, at 31/32E 10 West Street, spans 5,088 square feet and has access to the hotel’s services.

Fifteen of the 17 contracts signed last week were condos; the remaining two were for a co-op and a townhouse. The properties were listed for an average of 430 days. [Olshan Realty]Kathryn Brenzel


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