The luxury market just had its weakest Q3 since 2012: Olshan

Pad at 252 East 57th St. took the top rung last week
October 02, 2017 09:10AM

252 East 57th Street and 10 Gracie Square

Manhattan’s luxury condo market notched the weakest third quarter since 2012. Sales volume fell by 11 percent compared to last year to $1.62 billion, according to the Olshan report.

Last week was predictably quiet amid the Jewish high holidays with a mere 17 contract signings at $4 million and above. A five-bedroom, six-and-a-half-bathroom apartment at World Wide Group and Rose Associates 252 East 57th Street took the top spot. The 4,600-square-foot pad last asked $13.7 million.

A duplex co-op at 10 Gracie Square was the runner up with an asking price of $10 million, down from an initial ask of $11.5 million. The five-bedroom, four-bathroom comes with two working fireplaces and East River views.

Demand for luxury condos has been slowing down markedly since 2015, and stricter Chinese capital controls since late 2016 haven’t helped.  [Olshan]Konrad Putzier