The Real Deal New York

18 contracts signed on luxury pads last week: Olshan

Howard Marks' Ritz Carlton apartment is finally under contract
July 10, 2017 10:05AM

From left: 16 East 82nd Street, 50 Central Park South and Howard Marks

Just 18 contracts were signed on homes asking $4 million and above last week, a drop that was likely caused by the 4th of July holiday.

In the period between July 3 through July 9, the most expensive place to go under contract was Oaktree Capital founder Howard Marks’ unit on the 33rd Floor at 50 Central Park South, according to the weekly report from Olshan Realty.

The home was last asking $27.5 million, a significant discount from its original price tag of $50 million five years ago. Marks and his wife Nancy paid $18.8 million for the 4,500-square-foot pad in 2007. They then put the place on the market in 2012, and, last July its ask was cut down from $39 million to $35 million. In December it was reduced to $30 million.

The no. 2 contract signed was on 16 East 82nd Street, a 25-foot wide townhouse that was last asking $12.3 million, down from the $15 million it was asking in May 2016. The home needs to be renovated, according to Olshan, and is currently divided into six separate units.

In total, 12 of the contracts were on condominiums (with an average asking price of $7.2 million). Four contracts were on co-ops ($6.3 million) and two were on townhouses ($12.1 million).

The total weekly asking price sales volume was $135.9 million, the average asking price was $7.5 million. The average discount from original ask to last ask was 20 percent and the average days on market was 455. [Olshan]Miriam Hall