The Real Deal New York

Manhattan’s luxury co-op market had a strong week

14 contracts March 20-26 were signed on co-ops asking $4M and above: Olshan
March 27, 2017 10:05AM

There’s more good news for the city’s luxury market, with a total of 31 contracts in the over $4-million market signed last week.

In the period between March 20 through March 26, a total of 14 contracts were signed on co-ops, with an average asking price of $5.8 million, according to Olshan Realty’s report. That’s the highest weekly total for co-ops in six years, the report shows.

In total, 16 contracts were signed on condominiums (average ask: $9.6 million) and one was signed on a townhouse asking $7.5 million.

The top contract was on an apartment at Macklowe Properties and CIM Group’s 432 Park Avenue, asking $44.2 million. Apartment 80B spans 5,421 square feet and features four bedrooms, five bathrooms and a private elevator, according to the listing. This week, a Hong Kong gambling billionaire Lawrence Ho picked up an apartment in the building for more than $65 million.

The no. 2 contract was on Duplex 9 at 155 East 79th Street, which was asking $14.1 million. It first sold in 2014, according to Olshan, but the buyer pulled out and it was back on the market a year later. It has five bedrooms and features a 30-foot wide living room.

According to Olshan, the median asking price last week was $6.2 million and average days on market was 340.

So far in the first quarter in 2017, 330 contracts over $4 million have been signed — a 33 percent jump on 2016. The total first-quarter sales volume is $2.5 billion, up from $1.9 billion in the same time period last year, according to Olshan’s figures. [Olshan]Miriam Hall