Luxury contracts dip in last week of
March: Olshan

Top contract was on a condo at 515 Park Avenue asking $35M

TRD New York /
Apr.April 03, 2017 10:30 AM

Luxury contracts last week fell to their lowest weekly total in more than a month.

In the period between March 27 and April 2, a total of 23 contracts in the over $4-million market were signed, according to Olshan Realty’s weekly report.

Out of that 23, there were 14 contracts on condominiums (with an average ask of $10.9 million), three were for townhouses ($8.7 million) and one was on a condop asking $17.9 million.

The top contract was on a condo a Zeckendorf’s 515 Park Avenue, asking $35 million. Apartment 36/37 is owned by socialite Sheila Rosenblum, the head of the Lady Sheila Stables horse racing syndicate, and has four bedrooms and four full bathrooms across 5,000 square feet. Roseblum paid $10.7 million for the pad in 2000. The contract is the sixth this year to be signed on a property asking $35 million or more, according to the report.

The no. 2 spot went to apartment 16A at Extell Development’s Carlton House at 21 East 61st Street. 16a The 3,500-square-foot unit has three bedrooms, four full bathrooms and a library, plus a 1,120-square-foot wraparound terrace. The apartment is one of five at Carlton House that received a 10 percent price reduction in January.

According to Olshan, the median asking price last week was $7.4 million and average days on market was 412. The total weekly asking price sales volume was $222 million, and average discount from original ask to last asking price was 7 percent. [Olshan]Miriam Hall


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