The Real Deal New York

2017 luxury market is off to a busy start: Olshan

50 resi contracts signed during the first two weeks of the year, tied with 2014

10 Sullivan Street and 132 East 71st Street

The city’s luxury market is humming like it’s 2014, at least through the first two weeks of the year.

Buyers signed 50 contracts for luxury homes through the beginning of 2017, tying 2014 as the best start to a new year, according to Olshan Realty‘s latest luxury market report.

Madison Equities and Property Markets Group’s TRData LogoTINY 10 Sullivan Street in Soho logged last week’s biggest contract: a 5,503-square-foot, five-bedroom penthouse that went into contract for a reported $25 million.

The condominium unit, which had an asking price of $27.5 million, had originally been part of an 8,400-square-foot triplex that the developer had originally listed for $45 million. Madison and PMG decided to split the condo in two, and the remaining 2,950-square-foot, three-bedroom unit is still on the market for $10 million.

There were 24 contracts signed during the week of Jan. 9 through Jan. 15 at $4 million and above.

The second-priciest contract last week was for a six-story, 22-foot-wide townhouse at 132 East 71st Street for $21 million. The 9,000-square-foot home, which is in need of a renovation, had an original asking price of $25 million when it hit the market in September 2014. [Olshan Realty]Rich Bockmann