The Real Deal New York

Luxury contracts slowed in mid-January: Olshan

Quick start to 2017 cools, though activity still higher than 2016
January 23, 2017 08:42AM

From left: 210 West 77th Street and 1110 Park Avenue

The luxury market’s simmering start to the new year has cooled, though it’s still warmer than it was at this point last year.

Prospective buyers signed 18 contracts last week at $4 million and above, which was a slower pace than the 50 contracts they had signed over the previous two weeks, according to the Olshan Realty luxury market report for the week of Jan. 16-22.

Activity during the first two weeks of 2017 tied 2014’s record for the quickest start to a new year. And while last week showed the number of luxury signings start to slow down, it was still more than the 15 deals inked during the same week a year ago.

The most expensive contract last week was for a 5,973-square-foot duplex penthouse at the Naftali Group’s TRData LogoTINY 210 West 77th Street that had an asking price of $21.5 million.

Toll Brothers City Living’s nine-unit condo building at 1110 Park Avenue notched the second-priciest contract. The four-bedroom, 4.5-bath pad overlooking Park Avenue had an asking price of $18.9 million, down from $25.75 million when it hit the market in October.

The average discount from original ask to last listing price was 9 percent, according to Olshan. [Olshan Realty] – Rich Bockmann