Luxury contracts fall after stellar start to February

24 contracts signed at $4M and above: Olshan

New York /
Feb.February 13, 2017 09:30 AM

After a record-breaking start to February, contracts signed on the city’s priciest properties returned to a more normal pace last week.

In total, 24 contracts were signed on pads priced at $4 million and above in the period between Feb. 6 through Feb. 12, according to Olshan Realty. The week prior, 34 contracts were signed on luxury places. Expensive places are taking a while to sell, however. Last week properties sat on the market for an average of 461 days.

Out of the 24 contracts, 19 were on condominiums (with an average ask of $7.3 million). There were four contracts on co-ops ($8.3 million), and one was on a townhouse asking $12.9 million.

The top contract was on 62nd floor apartment at Ian Bruce Eichner’s Madison Square Park Tower at 45 East 22nd Street, asking $24.9 million, or $5,350 per square foot. The full-floor apartment spans 4,663 square feet across four bedrooms and four bathrooms.

The no. 2 contract was on apartment 5A at Metro Loft Management’s 443 Greenwich Street, which was asking $15 million. The apartment belongs to actor Mike Myers who paid $14.6 million for the place in January.

The corner unit spans 4,241 square feet, and has two exposures, key-locked elevator access and white-oak floors. The complex features a 75-foot lap pool, a central garden and an underground parking garage.

According to Olshan Realty, the median asking price last week was $6.6 million. The average discount from original ask to last asking price was seven percent. The total weekly asking price sales volume was $185.9 million.

In the second 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


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