The Real Deal New York

It’s taking 504 days on average to sell luxury pads: Olshan

May saw 123 luxury contracts, on pace with 2015 and 2016
May 30, 2017 09:45AM

Top to bottom: 56 Leonard Street, PH 55 and 1965 Broadway, Penthouse 3BC

Buyers inked contracts for 123 luxury pads during the month of May, but in the last week of the month, marketing time soared to 504 days, according to Olshan Realty’s latest market report.

For the week of May 22-28, there were 32 contracts signed on properties $4 million and up. The total weekly asking price volume was $264.8 million with an average asking price of $8.3 million. The average discount was 14 percent and the number of days on market was 504 days. The monthly tally of contracts held steady compared to 120 in 2016 and 123 in 2015.

The week’s top contract was a 5,186-square-foot penthouse at 56 Leonard Street asking $28 million. Developer Alexico Group put the four-bedroom condo into contract in 2013. In April, the unit closed for $21.8 million and the buyer re-listed the pad.

The No. 2 contract was a 6,610-square-foot penthouse at 1965 Broadway that’s been on the market since 2014. Originally asking $42 million, the price was slashed to $22.995 million. The triplex has six bedrooms, a 42-foot landscaped terrace and a rooftop terrace. [Olshan]E.B. Solomont

(To view more information on Manhattan condo sales trends, click here)