28 contracts signed at $4M and above last week: Olshan

For the first time in a year, the top two contracts were on co-ops

New York /
Mar.March 06, 2017 10:30 AM

The city’s luxury market saw a strong week last week, with 28 contracts signed at $4 million and above.

In total, the weekly asking price sales volume was $181 million between Feb. 27 and March 5, according to the weekly report from Olshan Realty. Out of the 28 contracts, 21 were on condominiums (with an average ask of $6 million). Six were on co-ops ($8.3 million) and one was on a condop, asking $4.6 million. Last month saw the second best February on record — with a total of 108 contracts signed.

For the first time in a year, both the top contracts last week were on co-ops. The no. 1 contract was on unit 8/9 at 24 Gramercy Park North, asking $16 million. The unit has four bedrooms and three bathrooms, six working fireplaces and three Juliet balconies. It was listed in January, according to StreetEasy.

The no. 2 contract was on 10E at 262 Central Park West, asking $12.5 million. The nine-room unit has 75 feet of frontage on Central Park and features a library and eat-in kitchen, according to the listing. It was sold by Stribling & Associates after just two weeks on the market.

According to Olshan Realty, the median asking price last week was $5.6 million. The average discount from original ask to last asking price was 4 percent, and the average number of days on the market was 354.

In the first week of March last year, 20 contracts were signed in the over-$4 million market. [Olshan]Miriam Hall


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