The city’s luxury market is in the doldrums, but of the few contracts that are being signed, one may just be a Downtown record.
The priciest contract signed last week went to the five-bedroom PHS at the Related Companies’ 70 Vestry Street in Tribeca, which was asking $65 million, according to Olshan Realty’s weekly market report.
If the unit closed anywhere near that price, it would blow past the Downtown record of $50.9 million for the penthouse at Walker Tower at 212 West 18th Street, which was set in January 2014.
Otherwise, the week of July 24-30 was pretty lame, as just 17 contracts were signed at $4 million and above, making it the fifth week in a row that the number of sales failed to top 20, according to Olshan.
Luxury properties were on the market for an average of 439 days, and the average discount from original ask to last asking price was up 6 percent, according to Olshan. The Median asking price was $5.5 million. [Olshan] – Rich Bockmann