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Luxury contracts crash back to earth in the final week of Jan.
Just 13 contracts were signed on properties over $4M: Olshan
After a strong start to 2017, the number of contracts signed on New York City’s priciest pads took a hit last week.
Just 13 contracts were signed on properties asking $4 million and above in the period between Jan. 23 through Jan. 29, according to Olshan Realty. There hasn’t been a final week of January that bad since 2010, when 7 contracts were signed.
Out of those 13 contracts, 11 were on condominiums (with an average ask of $7.9 million). One co-op went under contract for $5.7 million, and a contract on a townhouse asking $7 million was signed.
The top contract was for a 4,000-square-foot pad at CIM Group [TRDataCustom] and Macklowe Properties’ condominium tower 432 Park Avenue. Apartment 37A was asking $17.7 million, or roughly $4,425 per square foot, and has three bedrooms and four full bathrooms. In 2016, apartments at the building took the top spot in the Olshan market report seven times, with an average ask of $6,904 per square foot. However, those sales closed at an average 12 percent below ask, according to Olshan. Earlier this month, a mystery buyer bought a penthouse in the building for $65.6 million — the second-highest price paid to date for a pad at the luxury tower.
The no. 2 contract was on Duplex 3 at Anbau Enterprises’ 155 East 79th Street, asking $12.8 million. The four bedroom, four bathroom condo spans more than 4,200 square feet, and it last sold for $11.2 million in February 2016.
According to Olshan Realty, the median asking price last week was $7 million. The average discount from original ask to last asking price was two percent. The total weekly asking price sales volume was $100.5 million, and the average number of days on the market was 410.
This time last year, 18 contracts were signed, with an average asking price of $6.5 million. [Olshan] — Miriam Hall