15 contracts signed at $4 million and more last week: Olshan

Total volume of luxury sales dropped year-over-year
January 03, 2017 08:32AM

From left: Rendering of The 212 Fifth Avenue and 18B at 1049 Fifth Avenue

The end of 2016 saw a fair number of contracts signed at $4 million or more — but don’t break out the champagne just yet.

From Dec. 26 to Jan. 1, 15 contracts were signed at this price level, with total asking prices totaling $100.9 million, according to the weekly market report by Olshan Realty TRData LogoTINY. Olshan noted that while 2016 didn’t “end with a bang,” 15 contracts for the Christmas-New Years week was a “decent total.” Last year, only six contracts were signed during the final week of the year.

Still, as previous reports have noted, 2016 has proven a pretty “mediocre” year for luxury real estate in Manhattan. Sales volume on luxury contracts dropped 16.7 percent year-over- year, falling from $10.74 billion worth of properties that went under contract in 2015 to $8.94 billion in 2016, according to a separate year-end report by Olshan.

The biggest contract signed last week was for 18B at 1049 Fifth Avenue, which had an asking price of $12.5 million, according to Olshan. The three-bedroom Upper East Side condo spans just under 3,000 square feet and overlooks Central Park. The second-highest contract was a three-bedroom condo at 212 Fifth Avenue, an office-building-turned-condo converted by Madison Equities and Thor Equities. The unit, 15B, had an asking price of $9.1 million. [Olshan] Kathryn Brenzel