Luxury contracts dip below 20 for fourth consecutive week: Olshan

A condo in West Chelsea asking $17.5M was the most expensive contract

Jul.July 24, 2017 09:50 AM

Luxury contracts lagged again last week, with the total asking price sales volume hitting just $122.6 million, according to the weekly report from Olshan Realty.

A total of 16 contracts were signed in the period from July 17 through July 23. Out of that 16, a total of 11 were for condominiums (with an average asking price of $7.6 million), two were for co-ops ($7.6 million) and three were for townhouses ($8.3 million).

The top contract was on apartment 16A at Foster + Partners-designed 551 West 21st Street, last asking $17.5 million, or $4,097 per square foot. The four-bedroom home spans 4,270 square feet and features 11-foot ceilings and a service entry. It first hit the market last September asking $19.5 million, according to StreetEasy.

The no. 2 contract was for a townhouse at 174 East 64th Street, asking $13.9 million. The five-story home has four bedrooms, five bathrooms across 7,500 square feet. Since 2015, it’s been reduced down from its original asking price of $16.9 million.

According to Olshan, the median asking price last week was $6.4 million. The average discount from original ask to last asking price was 9 percent. The average number of days on market was 577. [Olshan]Miriam Hall

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