18 contracts signed at $4M and above last week: Olshan

Top contract was on a penthouse at 50 United Nations Plaza

New York /
Dec.December 19, 2016 10:00 AM

After two banner weeks in Manhattan’s luxury residential market, contracts on properties priced over $4 million crashed back to earth last week.

In the period between Dec. 12 through Dec. 18, a total of 18 contracts were signed on properties priced over $4 million, according to the weekly market report from Olshan Realty. That’s a significant fall on the previous past two weeks, both of which saw more than 30 contracts signed in the luxury market. In the same period last year — the week before Christmas — 30 luxury properties went under contract.

Out of the 18 contracts signed last week, 12 were for condominiums (with an average ask of $8.3 million), three were for co-ops ($9.3 million) and three were for townhouses ($12 million.)

The top contract was on Penthouse 37 at Zeckendorf Development’s 50 United Nations Plaza, which was asking $24.2 million. The apartment spans 5,893 square feet across five bedrooms, six bathrooms and two staff rooms. The building — where the Permanent Mission of the State of Qatar bought four apartments for $45 million in 2015 — features a 75-foot swimming pool, fitness center and valet parking.

The no. 2 contract was a co-op unit on the ninth floor of 4 East 72nd Street, asking $17.5 million. The 14-room apartment — which was asking $25 million back in April 2015, according to Olshan’s report — has six bedrooms, five bathrooms and is accessed by a private elevator, according to the listing.

According to Olshan Realty, the median asking price last week was $6.3 million. The average discount from original ask to last asking price for last week was 11 percent. The total weekly asking price sales volume was $164 million, and the average number of days on the market was 321. [Olshan]Miriam Hall


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