Frigid weather froze Manhattan’s luxury market: Olshan

Only 12 luxe contracts signed in first week of January, lowest total since 2012

TRD New York /
Jan.January 08, 2018 09:00 AM

10 Madison Square West and One West End Avenue with John Gomes and Fredrik Eklund (credit: Dominick McGee of Production Glue)

The weather outside was frightful last week, and so was the contract tally in the luxury residential market.

Manhattan recorded 12 contracts at $4 million and above, the lowest total for the first week of the new year since 2012, according to Olshan Realty’s luxury market report.

Olshan blamed the bomb cyclone for the frigid contracts, which totaled just $77.8 million for the week.

The priciest was a resale of a three-bedroom condo at 10 Madison Square West that went into contract with an asking price of $10.5 million, a $1 million discount to the original ask when it hit the market in August.

The original owner purchased the 2,871-square-foot apartment from the Witkoff Group in July 2013 for $8.6 million.

Silverstein Properties and the Elad Group’s One West End Avenue notched the week’s second-priciest deal, with a four-bedroom condo that went into contract last asking $8.9 million.

The developers included a 75-foot pool and 12,000 square feet of terraces with cabanas and an outdoor kitchen in the new development, where Douglas Elliman star broker Fredrik Eklund and his partner John Gomes replaced Corcoran Sunshine as the marketing agents last year.

The median asking price for a luxury home last week was $6 million, with an average discount of 8 percent from the original ask to the last asking price. Luxury homes spent an average of 371 days on the market. [Olshan] – Rich Bockmann

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