Luxury market stays strong through Thanksgiving: Olshan

The top contract was on a brownstone on East 37th Street

TRD New York /
Nov.November 28, 2016 09:47 AM

Thanksgiving feasts may have left a few people feeling sluggish last week, but the same can’t be said for the city’s luxury residential market.

Last week saw 16 contracts signed at $4 million and above, the second highest number for a Thanksgiving week in 10 years, according to the weekly market report from Olshan Realty. Since Olshan began tracking luxury deals in 2006, the only Thanksgiving week with a higher number was in 2014, when 17 contracts were signed.

Out of the 16 contracts, 11 were for condominiums (with an average ask of $6.1 million). Four were for co-ops ($4.8 million) and one was for a townhouse with an asking price of $14.5 million.

That sole townhouse, which is located at 21 East 37th Street, was the top deal last week. The four story brownstone was built in 1862 and was once the home of financier J.P Morgan. Spanning approximately 9,300 square feet, it was the first mansion in New York City to have electric lights, according to the listing. Its most recent asking price was $14.5 million, and it last sold in 1997 for $1.6 million, according to the Olshan report.

The no. 2 contract was on a condo at Metro Loft Management’s 443 Greenwich Street. With an asking price of $10.9 million, apartment 3C has four bedrooms, four bathrooms and spans 3,500 square feet. The complex is a former factory that has 53 condominiums, as well as a lap pool, fitness center and roof deck. Earlier this month, two apartments at the complex went under contract for a combined $28.5 million.

However, there have been some notable price reductions at the development. In October, the asking price of apartment 3F was slashed by 11 percent from $11.2 million to $10 million.

According to Olshan Realty, the median asking price last week was $5.7 million. The average discount from original ask to last asking price for last week was 8 percent. The total weekly asking price sales volume was $101.9 million, and the average number of days on the market was 299. [Olshan]Miriam Hall


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