The Real Deal New York

Luxury contracts creep up to 20: Olshan

Five units above $10M went into contract
October 09, 2017 10:50AM

Clockwise from top left: 160 Leroy Street, PHNORTH, 1125 Fifth Avenue, 7FL, 88 Central Park West, 5S and 15 Central Park West, Unit 14D

Along with the $51 million penthouse at 160 Leroy Street, Manhattan properties over $10 million had a pretty good showing last week, according to Olshan Realty’s luxury market report.

Twenty units asking $4 million and up went into contract during the week of October 2 through 8, and five of the 20 were asking above $10 million. According to Olshan, the total weekly asking price sales volume as $214.8 million, the highest since May. Meanwhile, the week’s average asking price was $10.7 million, with an average discount of 4 percent. The average marketing time was 280 days.

The No. 1 contract was Penthouse N at Ian Schrager’s 160 Leroy Street, asking $51 million (up from $48.5 million.)  The condo was originally part of a larger, $80 million penthouse that Schrager split into two. At 7,750 square feet, Penthouse N is the larger of the two, and it has a massive 4,944-square-foot rooftop terrace with an outdoor kitchen and 27-foot pool.

The No. 2 contract was a 14th-floor condo at 15 Central Park West asking $31.5 million, down from the original price of $38 million in March.

The seller paid $21.3 million for the 4,170-square-foot apartment in 2007. [Olshan]E.B. Solomont