Luxury market continues its summer slump

Only 17 contracts were signed at $4M and above last week: Olshan

TRD New York /
Aug.August 14, 2017 09:15 AM

Manhattan’s luxury market was slow again last week, with just 17 pads asking $4 million or more going under contract.

Out of the 17 contracts, 13 were for condominiums (with an average asking price of $5.3 million), according to the weekly report from Olshan Realty. One contract was signed for a co-op priced at $11.5 million, and two were on townhouses with an average ask of $8.3 million.

The top contract was on the seventh floor of white-glove co-op building 1020 Fifth Avenue, priced at $18 million. The five-bedroom unit first hit the market priced at $20 million back in 2015, and features an eat-in kitchen, four fireplaces and a 40-foot living room.

The no. 2 contract was Penthouse 1 at 120 West 72nd Street, which was last asking $10.5 million. The 3,335-square-foot apartment has three bedrooms, three-and-a-half bathrooms, five landscaped terraces and a working fireplace. It last sold for just under $9 million in 2014, according to Olshan.

The total weekly asking price sales volume was $108.3 million, and the average asking price was $6.4 million. The average discount from original ask to last asking price was 10 percent. The average days on market was 591. [Olshan] Miriam Hall

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