Luxury contracts skyrocket in first week of February

Total of 34 contracts were signed on properties asking $4M and above: Olshan

New York /
Feb.February 06, 2017 09:45 AM

After a lull in January, buyer interest in the city’s most expensive pads has picked up significantly.

In the period between Jan. 30 through Feb. 5, a total of 34 contracts were signed on properties priced $4 million and above, according to Olshan Realty. That figure is the highest for a first week of February since Olshan began tracking luxury contracts in 2006. The lower end of the luxury market was particularly strong, with half of all contracts signed on properties asking between $4 million and $5.5 million.

Out of the 37 contracts, 23 were on condominiums (with an average ask of $6.6 million). There were nine contracts signed on co-ops ($5.4 million), and two on townhouses ($5.3 million).

The top contract was on two co-ops at the Beresford at 211 Central Park West. Apartment 10A was asking $7.4 million and 10B was asking $6.1 million. Combined, the apartments offer 13 rooms and a 62-foot expanse overlooking west 81st Street. The Emery Roth-designed building is a famed celebrity haunt. Last year, Cosmopolitan editor Helen Gurley Brown sold her penthouse in the building for $19.3 million. Comedian Jerry Seinfeld also lives there.

The No. 2 contract was on apartment 18D at JDS Development Group and Property Market Group’s TRData LogoTINY Walker Tower, located at 212 West 18th Street. The 2,850-square-foot apartment was asking $11.49 million or $4,033 per square foot, following a number of price reductions from its original asking price of $15.6 million. It last sold in March 2014 for $11.43 million.

According to Olshan Realty, the median asking price last week was $5.5 million. The average discount from original ask to last asking price was seven percent. The total weekly asking price sales volume was $212.7 million, and the average number of days on the market was 352.

In the first week of February last year, a total of 21 contracts were signed on properties asking more than $4 million, with a median asking price of $5.4 million. [Olshan]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”
For 15 years, David Koch lived at the world’s “richest building”
A Smurf house? (Caldwell Banker)
Smurf-erriffic! Michigan home seems to be inspired by cartoon
Smurf-erriffic! Michigan home seems to be inspired by cartoon
The home where Christopher Watts killed his pregnant wife is on the market. (Getty)
Colorado home where infamous murder took place quietly listed
Colorado home where infamous murder took place quietly listed
From left: Amy Schumer and 190 Riverside Drive; Jimmy Fallon and 34 Gramercy Park East (Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, iStock)
Jimmy Fallon, Amy Schumer selling Manhattan pads
Jimmy Fallon, Amy Schumer selling Manhattan pads
OKO's Vladislav Doronin and the Crown Building ( OKO Group, Aman)
Crown Building notches another peak sale with $55M condo
Crown Building notches another peak sale with $55M condo
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
A photo illustration of a crystal ball predicting future home prices (iStock)
Home sales, building to slow: Fannie Mae
Home sales, building to slow: Fannie Mae
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
arrow_forward_ios

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

Loading...