The Real Deal New York

Not many presents for the luxury market last week

Just 10 contracts were signed on properties asking $4M+
December 26, 2017 09:30AM

Just 10 contracts were signed last week at $4 million and up, a sharp decline from the 17 signed during the week leading to Christmas last year.

The top contract signed last week was for a brownstone townhouse at 29 West 75th Street, last asking $17.99 million, according to the weekly report from Olshan Realty. The home, which is 22 feet wide and counts seven bedrooms and eight bathrooms, was purchased in 2003 for $3.48 million. There’s also a garden on the ground floor of the five-story building.

The no. 2 contract inked last week was for penthouse 1 at Gale International’s 21 West 20th Street, which was last asking $10.95 million after being price chopped from its original ask of $13.25 million. The 4,841-square-foot unit has four bedrooms and 4.5 bathrooms.

Five of the contracts signed last week were for condos, four were for co-ops and one buyer signed the deal for a townhouse.

The week’s asking price volume totaled $76.89 million, with a median asking price of $6.6 million, according to Olshan. Luxury homes spent an average of 521 days on the market, with an average discount of 9 percent from original ask to the final listing price. [Olshan] — James Kleimann