37 contracts signed as city’s luxury market picks up steam

TRD New York /
Mar.March 13, 2017 10:10 AM

A total of 37 contracts were signed on New York City’s most expensive pads last week, the highest weekly total for the year.

The weekly asking price sales volume was $339.8 million, which is also a record for 2017, according to the weekly report from Olshan Realty. Ultra-luxury properties performed well last week, the report shows, with 11 contracts signed on pads asking more than $10 million.

Out of the 37 contracts, 23 were for condominiums (with an average ask of $9.2 million). There were 10 contracts on co-ops ($9 million) and four were for townhouses ($10.4 million). However, the average property was discounted 14 percent from its original asking price before it went into contract, according to Olshan, and the average days on market was 421.

The top contract was on Penthouse 78A at Silverstein Properties30 Park Place, asking $30 million. Originally asking $32.5 million, the duplex condo has five bedrooms and six full bathrooms across 6,128 square feet. The building amenities include a children’s playroom, a screening room, a gym, a common area and a private dining room.

The No. 2 contract was on apartment 65A at Extell Development’s One57, asking $24.9 million — down from its original $35.5 million price tag. Designed by Christian de Portzamparc, the 4,483-square-foot apartment has three bedrooms and four full bathrooms, along with a 56-foot living dining. The property is being sold at a loss, according to Olshan, because the owner paid $29.3 million in December 2014, and financed the purchase with a $23.5 million mortgage.

According to Olshan Realty, the median asking price last week was $6.7 million. In the second week of March last year, 28 contracts were signed in the over-$4 million market. [Olshan]Miriam Hall

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