Mercury rises and luxury market withers: Olshan

15 contracts signed at $4M-plus, but days on market hits 333

New York /
Jul.July 25, 2016 10:30 AM

With temperatures hitting Mars levels, Manhattan’s luxury market slid further during the third week of July with just 15 contracts signed on properties $4 million and up, according to Olshan Realty.

For the week of July 18-24, the total weekly asking price sales volume was $104.5 million with an average asking price of $6.9 million and a median asking price of $5.6 million. The average discount was 6 percent, and the average number of days on market was 333.

What did go into contract?

Fifteen pads priced over $4 million, including a pad at Greenwich Lane that was asking $17.025 million.

The No. 1 contract, at 155 West 11th Street, was a 3,951-square-foot condo with four bedrooms and 4.5 baths. The deal brings the Greenwich Lane development — a complex of five buildings, 194 condos and five townhouses, to 96 percent sold, according to the Olshan report.

The No. 2 contract was a condo at 530 Park Avenue that was asking $11.975 million — a discount from $16.5 million in September. Facing Park Avenue, the unit has 3,328 square feet and two terraces spanning just over 1,000 square feet. [Olshan Realty] E.B. Solomont


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