Luxury market hit 2016 high with $372M in asking sales volume last week: Olshan

37 contracts were signed on pads $4M and up

Dec.December 05, 2016 10:28 AM

Is the city’s sagging luxury residential market starting to turn around?

Last week saw 37 contracts signed for the over $4 million market, notching up more than $371.6 million in total dollar volume — a high for 2016, according to Olshan Realty.

Out of the 37 contracts, 27 were for condominiums (with an average ask of $10.7 million). Seven were for co-ops ($7.6 million) and three were for townhouses ($9.5 million.)

The top contract was for apartment 77B at the Mandarin Oriental at 80 Columbus Circle, which was asking $50 million. The 4,825-square-foot apartment has been on and off the market for the past six years. In 2012, it was listed for $42.5 million, a $7 million increase on its 2010 listing price. The apartment — which features four bedrooms, five bathrooms and a 78-foot expanse facing Central Park — sold for “significantly below the asking price,” a source told Olshan Realty.

The no. 2 contract was on Penthouse House 81 at Silverstein Properties30 Park Place, with an asking price of $26.1 million. The unit spans 5,443 square feet and has four bedrooms, five bedrooms and two terraces. The sales office at the Robert A.M. Stern-designed building recorded eight contracts last week, according to the report.

According to Olshan Realty, the median asking price last week was $7.1 million. The average discount from original ask to last asking price for last week was 5 percent. The total weekly asking price sales volume was $371.6 million, and the average number of days on the market was 470.

The 37 contracts far surpassed the 24 signed during this period in 2015 and the 31 signed in 2014. [Olshan]Miriam Hall

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