Luxury contracts skyrocket in first week of February

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

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

212 Central Park West units #10A (top) and #10B

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”

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad

Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

Vornado’s Steve Roth and 220 Central Park South (Credit: Getty Images)

Another villa unit at 220 Central Park South sells for $47M

220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps and Getty Images)

Another $60M condo closes at 220 Central Park South

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

arrow_forward_ios