Luxury market has second-best February on record: Olshan

Month saw 108 contracts signed at $4M and above, second only to 2015

TRD New York /
Feb.February 27, 2017 09:30 AM

The luxury residential market had its second-best February on record with 108 contracts signed at $4 million and above.

With 21 contracts signed during the week of Feb. 20 through Feb. 26, the month ended on high note topped only by February 2015’s 116 contracts at $4 million and above, according to Olshan Realty.

It was the second best February since Olshan started keeping track in 2006, and a 42 percent increase over the 76 contracts signed last February.

The median asking price was just a hair below $6 million.

A gut-renovated townhouse in the West Village took the top spot last week with an asking price of $19.6 million.

The 20-foot-wide, 4,875-square-foot home at 252 West 12th Street – which was purchased in 2010 for $6.8 million – features a design by architect Steven Harris, and has six bedrooms, 5.5 Baths And A Terrace on the top floor with a hot tub.

World Wide Group and Rose Associates’ TRData LogoTINY Skidmore, Owings & Merrill-designed Billionaires’ Row condo tower at 252 East 57th Street notched the second-priciest contract last week at $11.6 million.

Unit 63B spans 3,315 square feet across four bedrooms, 4.5 baths and a 39-foot living room. The apartment features a working fireplace, a balcony and views of both Central Park and the East River.

World Wide and Rose, like many luxury-condo developers, have been dropping prices to reel in buyers in a soft market. [Olshan] – Rich Bockmann

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