The Real Deal New York

Number of signed luxury contracts hits lowest point of the year: Olshan

Just 11 contracts signed at $4M and up
September 25, 2017 08:00AM

4 Riverview Terrace and 56 Leonard

Oy vey! The New York City luxury residential market recorded only 11 contracts above $4 million last week, the lowest total of the year.

Activity is normally expected to be low during the Jewish holidays, but the dearth of deals was even lower than anticipated, according the weekly report from Olshan Realty.

A townhouse at 4 Riverview Terrace with an asking price of $8.95 million claimed the top spot. The asking price for the three-story, 3,200-square-foot home was not much higher than the $8.75 million figure the home last traded for in August 2008.

An apartment at the Alexico Group and Hines-developed 56 Leonard Street claimed the second-priciest contract. The 2,252-square-foot condominium unit 27BWest had an asking price of $6.97 million, down from the $7.45 million asking price when it hit the market in August 2016. The building sponsors originally sold the apartment for $5.97 million in July 2016.

The total weekly sales volume added up to $61 million, according to Olshan. The median asking price was $4.9 million. The average discount from original ask to last asking price was 9 percent, and the average number of days on the market stood at 322. [Olshan] – Rich Bockmann