City’s luxury market lost steam last week

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

TRD New York /
Apr.April 17, 2017 12:15 PM

29 East 10th Street, Penthouse (left) and 1 Sutton Place, 7A

UPDATED, April 17, 1:35 p.m.:The number of contracts signed on pads asking $4 million and above last week dropped to its lowest weekly total since January.

In total, 15 contracts were signed in the over-$4 million market during the period between April 10 through April 16, according to Olshan Realty’s weekly report. Of the contracts, seven were for condominiums (with an average asking price of $5.8 million) and six were for co-ops (average ask: $8 million). There were two contracts on townhouses, with an average ask of $7.1 million.

The passover and Easter holidays may have affected activity, but according to Olshan previous holiday weeks haven’t seen major falls in contract numbers.

The top deal was on a co-op at 1 Sutton Place, asking $18 million. It will be the highest priced co-op to sell in the Beekman-Sutton area, according to Olshan, and it is reportedly closing at less than 10 percent below ask.  The four-bedroom unit has views of the east river, a gym, a library and an eat-in kitchen, according to the listing.

The no. 2 contract was the penthouse at 29 East 10th Street, which was asking $10.2 million, down from its original ask of $14.9 million. The 4,033-square-foot home spans three floors and features a full-sized eat-in kitchen and 11-foot ceilings.

A total of three condos went into contract last week at Tribeca Summit at 415 Greenwich Street, developed by Joel Silver and Ethan Eldon. The condos had an average asking price of $2,248 per square foot.

According to Olshan, the median asking price last week was $5.9 million and average number days on market was 511.

The total weekly asking price sales volume was nearly $104 million and the average discount from original ask to last asking price was 6 percent. [Olshan]Miriam Hall

Correction: An earlier version of this story stated the co-op at 1 Sutton Place will reportedly close for 10 percent below the asking price. In fact, it will close for less than 10 percent below ask.

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