The Real Deal New York

30 contracts signed at $4M and above: Olshan

Top contract was on a UWS condo asking $12.5M
March 20, 2017 10:30AM

875 Fifth Avenue and 207 West 79th Street

The city’s luxury residential market in 2017 still looks to be in pretty decent shape, with 30 contracts signed in the over-$4 million market last week.

The total sales volume for the week was $201.4 million, according to the weekly report from Olshan Realty.

Out of the 37 contracts signed, 23 were for condominiums (with an average asking price of $6.6 million). Six contracts were on co-ops ($7 million) and one contract was signed for a townhouse asking $9.5 million. The average discount from original ask to last asking price was 7 percent.

Last week, the top contract was on unit 11 at Anbau Enterprises’ 207 West 79th Street. The five-bedroom apartment was last asking $12.5 million. It spans 4,205 square feet and features a south-facing “great room” with seven casement-style windows that offer “classic Upper West Side Views.” Anbau’s development was approved by the New York State Attorney General’s Office in November, and the developer is shooting for a $142.8 million sellout.

The no. 2 contract was on a co-op at 19A at Emory Roth-designed 875 Fifth Avenue, asking $11 million — down from the original price of $13.2 million when it was first listed in July 2014. The unit is a combination of two apartments, and features two bedrooms, four bathrooms and a 44-foot terrace, the listing shows.

According to Olshan, the median asking price was $5.9 million and average days on market was 306. In the third week of March last year, 24 contracts were signed with a median asking price of $5.7 million.

Recent figures from city brokerages show a boost in the city’s luxury market. A report from Stribling & Associates last week found the number of contracts signed on properties priced over $5 million so far in 2017 jumped 29 percent year-over-year.  [Olshan]Miriam Hall