Lukewarm week for city’s luxury market

23 contracts were signed at $4M and above: Olshan

TRD New York /
Apr.April 10, 2017 10:15 AM

After a strong first quarter, the over-$4 million market is experiencing a far more subdued first week of April.

For the second consecutive week, a total of 23 contracts were signed on pads asking $4 million and above, according to the weekly luxury report from Olshan Realty. In the period between April 3 through April 9, the total sales volume was $155 million, a relatively low figure according to the brokerage.

Out of the 23 contracts signed for pads asking $4 million, 14 were for condominiums (with an average asking price of $6.5 million). Seven contracts inked were for co-ops ($5.8 million) and there were two contracts on townhouses ($11.5 million).

The top contract was on 55 West 90th Street, a brownstone asking $12 million, down from its original asking price of $13 million. The 7,000-square-foot home has six bedrooms and 10 bathrooms, according to the listing, as well as four separate outdoor areas, including a backyard, two balconies and a rooftop. Townhouse flippers Omek Capital paid $6.4 million for the brownstone in January 2014, according to Olshan, and did a full renovation on the property.

The no. 2 contract was for apartment 8A at condo conversion 212 Fifth Avenue, developed by a partnership between Madison Equities, Building and Land Technology and Thor Equities. The apartment has three bedrooms, three bathrooms across 3,000-square feet.

Last week, ESPN’s Mike Greenberg, co-host of the popular radio show “Mike & Mike,” paid $6.7 million for a unit in the building. In January, Madison’s Robert Gladstone sued Town Residential, arguing the brokerage resisted being replaced after missing sales targets. Sotheby’s International Realty is now marking the building.

According to Olshan, the median asking price was $6 million and average days on market was 360. The average discount from original ask to last asking price was 8 percent.

In the first week of April last year, 18 contracts in the over-$4 million market were signed, and the total weekly asking price sales volume was just under $116 million. [Olshan]Miriam Hall

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