The Real Deal New York

Last week’s priciest home sold in two weeks: Olshan

Average days on market stands at 415 so far this year, a 32% increase
February 20, 2017 09:03AM

From top: Penthouse at 4 East 72nd Street and 30 Park Place, unit 73A

At a time when the average residential listing takes more than a year to sell, the city’s priciest listing to go into contract last week did so in just two weeks.

The nine-room, duplex penthouse at the co-op building at 4 East 72nd Street went into contract last week with an asking price of $13.9 million, just two weeks after it was first listed, according to Olshan Realty.

Year-to-date, a listing at or above $4 million sits on the market for an average of 415 days, a 32 percent increase over the same time last year.

“The moral of the numbers: Sellers who lower their prices to a realistic level are more often than not rewarded with a sale,” the Olshan report read.

In all, 29 contracts were signed at $4 million and above during the week of Feb. 13 through Feb. 19. That was five more than the 24 contracts signed the previous week.

The East 72nd Street co-op, which needs a full renovation, features 13-foot ceilings, three fireplaces and wraparound terraces.

The second-most expensive contract was for apartment 73A at Silverstein Properties’ 30 Park Place, which had an ask of $13.6 million.

Condos accounted for 23 of the 29 luxury contracts signed last week, while co-ops made up the remainder. There were not luxury contracts signed on townhouses for the week.

The week ended with a median asking price of $6 million and an average discount from original to last asking price of 4 percent. [Olshan]Rich Bockmann