The Real Deal New York

Luxury contracts bounced back last week

30 contracts were signed at $4M and above: Olshan
April 24, 2017 10:30AM

From top: 252 East 57th Street and 40 East 72nd Street

After two slow weeks, the city’s luxury market picked up the pace with 30 contracts signed at $4 million and above.

A total of 21 contracts were signed for condominiums (with an average asking price of $6.6 million), according to the weekly report from Olshan Realty. Eight were for co-ops ($5.6 million) and one contract on a townhouse asking $6.5 million was signed.

The top contract was for apartment 62A at World Wide Group and Rose Associates’ TRData LogoTINY 252 East 57th Street, which was asking $13.2 million. The five-bedroom apartment spans 4,616-square-feet and features 11-foot ceilings, a gas fireplace, a library and formal dining room, according to the listing. The developers of the building have reduced some of the apartments, and are now offering brokers 4 percent commission, including 1 percent that’s non-refundable.

The no. 2 contract was on residence 5 at Axia Development’s 40 East 72nd Street, asking $12.1 million. The apartment first hit the market in December 2014 asking $14.4 million, according to Olshan. The 3,132-square-foot home has three bedrooms and three full bathrooms, as well as a wood-burning fireplace, an eat-in kitchen and a private landing.

According to Olshan, the median asking price last week was $6.3 million and average number days on market was 295. The total weekly asking price sales volume was $191 million and the average discount from original ask to last asking price was 7 percent. [Olshan]Miriam Hall