The Real Deal New York

There were just 14 luxury contracts signed last week

It's the 11th week in a row contracts have fallen below 20: Olshan
September 11, 2017 10:45AM

The Penthouse at 78 Irving Place and 305 East 51st, PHB

There were just 14 contracts signed on Manhattan pads asking $4 million or above last week, marking the weakest stretch since 2012.

It’s the 11th consecutive week that luxury contracts have fallen below 20, according to the weekly report from Olshan Realty. The summer has been particularly slow this year, and a slew of new high-priced listings hit the market after Labor Day.

Out of the 14 contracts, 11 were for condominiums (with an average asking price of $8.8 million), four were for co-ops ($4.5 million) and one was on a condop asking $5 million.

The top contacts was on the penthouse at 78 Irving Place, last asking $20.9 million. The four bedroom, five-and-a-half bathroom home spans 4,420 square feet. Four contacts were signed for units in the building last week, according to Olshan.

The no. 2 contract was on Penthouse B at HFZ Capital’s building at 305 East 51st Street. The home was last asking $11.6 million.

The total weekly asking price sales volume was $111 million. The average asking price was $5.9 million. The average discount was 3 percent and the average days on market was 680. [Olshan]Miriam Hall