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

It’s the best first week of January in three years

TRD New York /
Jan.January 09, 2017 10:16 AM

From top: 269 West 11th Street (credit: Compass) and 34 East 74th Street

New York City’s luxury market is expected to be sluggish in 2017, but last week saw 23 contracts signed at $4 million and above, the best first week of January in three years.

Out of the 26 contracts, according to Olshan Realty TRData LogoTINY, 17 were for condominiums (with an average ask of $6.4 million). Four contracts were for co-ops ($6.1 million) and five were for townhouses ($16.1 million.)

The top contract was on 269 West 11th Street, which was asking $30 million. The five-story, 8,540-square-foot townhouse was first listed for $26 million in September, according to Olshan. The property is being sold with an approved set of plans from architect Annabelle Selldorf. The property last sold for $20 million in 2014, according to StreetEasy.

The No. 2 contract was on 34 East 74th Street, asking $19.9 million. The 6,200-square-foot townhouse was first listed in April last year for $26 million and had its asking price slashed three times, according to StreetEasy. The home has five bedrooms and five bathrooms, as well as a wine cellar, laundry room and rooftop terrace, according to the listing.

The No. 3 contract was at 3 Riverside Drive, a historic townhouse known as the Kleeberg Residence. The property sold at auction for $18.5 million on Dec. 20. The 19th century townhouse — which spans nearly 11,000 square feet — was first listed in 2012 for $40 million. Since then, it has been reduced six times. In March, the price was slashed to $22 million. In October, it was asking $18.5 million and the owner, facing foreclosure, put it up for auction.

According to Olshan Realty, the median asking price last week was $6.2 million. The average discount from original ask to last asking price for last week was 10 percent (which was skewed higher by the contract on 3 Riverside Drive.) The total weekly asking price sales volume was $214.4 million, and the average number of days on the market was 435.

In the first week of 2016, just 15 contracts over $4 million were signed, according to the Olshan market report. — Miriam Hall

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