The Real Deal New York

32 luxury pads in contract, and half were under $5M: Olshan

The No. 1 contract was a $13M PH at Greenwich Lane
May 22, 2017 09:30AM

From top: 155 West 11th Street and 14 East 90th Street

Even well-heeled buyers are looking for deals.

More than half of the luxury properties that went into contract last week were under $5 million, according to Olshan Realty’s weekly market report.

Between May 15 and 21, there were 32 contracts signed on properties $4 million and over, with a total weekly asking price sales volume of $194.5 million. The average asking price was nearly $6.1 million with an average discount of 7 percent.

According to Olshan, 21 of the 32 contracts signed last week were downtown.

The top contract was a penthouse at Greenwich Lane that was asking $12.935 million. The two-bedroom condo, at 155 West 11th Street, spans 2,295 square feet with two terraces totaling 1,777 square feet. It went into contract in 2014, but returned to the market last month, Olshan reported, when the first buyer switched to another unit at Rudin Management and Global Holdings’ development.

The No. 2 contract was a 12th-floor co-op at 14 East 90th Street asking $12 million. The five-bedroom pad has three fireplaces and two staff rooms, and it went into contract within a month of hitting the market. [Olshan]E.B. Solomont