The Real Deal New York

31 luxury contracts signed last week: Olshan

It’s the fourth consecutive week more than 30 contracts at $4M and above were signed
June 05, 2017 09:33AM

Clockwise from top: 21 East 12th Street and 825 Fifth Avenue

The city’s luxury market is experiencing something of a hot streak, with more than 120 contracts signed at $4 million or above over the past month.

In total, 31 luxury contracts were signed between May 29 and June 4, according to the weekly report from Olshan Realty. It’s the fourth week in a row with 30 or more contracts signed for pads in the $4 million-plus market.

Of the 31 contracts signed, 21 were for condos (with average asking price of $6.8 million), seven were for co-ops ($7 million) and three were for townhouses ($5.9 million).

The top contract was for apartments 21A and 21B at William Macklowe Company’s 21 East 12th Street. The two apartments, together spanning a total of 5,175 square feet, sold for a combined $17.6 million. The unit at 21A has four bedrooms and four full bathrooms, according to Olshan, and 21B has three bedrooms and three full bathrooms. Two of the priciest apartments at Billy Macklowe’s development sold within two months of sales launching,  Bloomberg reported last year.

The no. 2 contract was a five-room co-op at 825 Fifth Avenue, last asking $12.5 million. The home features a 40-foot terrace and a second bedroom facing central park.

According to Olshan, the median asking price last week was $5.7 million and average days on market was 417. The total weekly asking price sales volume was $202.6 million, and average discount from original ask to last asking price was 6 percent. [Olshan]Miriam Hall