Luxury contracts slowed in mid-January: Olshan

Quick start to 2017 cools, though activity still higher than 2016

New York /
Jan.January 23, 2017 08:42 AM

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

 
 

Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
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”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
220 Central Park South and Arel Capital’s Richard Leibovitch (Arel, Robert A.M. Stern Architects)
Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
Quay Tower at 50 Bridge Park Drive and 90 Furman Street (StreetEasy, Compass)
Brooklyn Heights condo tops luxury contracts at $2.6K per square foot
Brooklyn Heights condo tops luxury contracts at $2.6K per square foot
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
1 Boerum Place in Brooklyn and Avery Hall founding partner Avi Fisher (Avery Hall)
One Boerum Place lands $177M recapitalization
One Boerum Place lands $177M recapitalization
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...