Holiday slump: Few contracts inked for luxury apartments in late December

Top pad to go into contract last week was at 432 Park

Jan.January 02, 2018 08:50 AM

As expected, the holiday weekend was a bit slow for contracts signed at $4 million and up.

Only 11 deals at this price point were inked between Dec. 25 and 31, with an average asking price of $13.3 million, according to the latest report by Olshan Realty. Two penthouses at Macklowe Properties and CIM Group’s 432 Park Avenue took the top spots of the week, with asking prices of $40.25 million and $39.75 million. A five-story brownstone at 160 East 70th Street was the third most expensive contract signed with an asking price of $10.2 million.

Earlier in the month, an unknown buyer picked up three apartments at 432 Park for $91.1 million, marking the priciest deal at the property to date. According to Olshan, eight contracts were signed at the luxury tower in December, totaling $232 million.

The week leading up to Christmas was also slow, with only 10 contracts signed at $4 million and up. This represented a 41 percent drop from the same time last year, when 17 contracts were signed.

The total weekly asking price sales volume last week was $146.4 million, while the median asking price was $7.5 million. The average number of days spent on the market was 490. [Olshan] — Kathryn Brenzel 

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