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

TRD New York /
Mar.March 27, 2017 10:05 AM

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


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys

arrow_forward_ios