The Real Deal New York

Luxury resi market holds steady at 18 contracts above $4M

432 Park notches priciest deal for second week in a row
December 18, 2017 09:00AM

Harry Macklowe with 432 Park and Tom Shapiro with 101 West 78th Street

The luxury residential market recorded 18 contracts at or above $4 million last week, the same tally from the same period last year, according to Olshan Realty’s weekly luxury market report.

For the second week in a row, a unit at CIM Group and Macklowe Properties’ 432 Park Avenue notched the priciest contract: a 4,019-square-foot condo asking $28.75 million.

GTIS Partners’ condo conversion of the 1886 rental building at 101 West 78th Street saw the second most-expensive deal. A buyer went into contract on a 4,742-square-foot penthouse with an asking price of $23.5 million, according to Olshan.

GTIS in May had the New York State Attorney General’s office declare the 28-unit project’s condo plan effective, with a projected total sellout of $181.8 million. The developer took over the project, which sits across the street from the American Museum of Natural History, from Margaret Streicker Porres’ Newcastle Realty Services in 2015.

The total asking-price sales volume for the week came in at $174.23 million, with a median asking price of $6.85 million. Luxury units spent an average of 487 days on the market, and the average discount from original to last asking price stood at 8 percent. [Olshan] – Rich Bockmann