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


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

565 Broome Street (Credit: iStock and 565 Broome Street)

Only in Manhattan? Luxury condo owner files “class action” because unit doesn’t have a wine cooler

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Kelly Killoren Bensimon went from modeling to “The Real Housewives.” Now she’s taking a crack at real estate.

arrow_forward_ios