The Real Deal New York

Manhattan’s resi market had another icy week: Olshan

Number of $4M-plus contracts half of what it was a year ago
January 15, 2018 08:30AM

1083 Fifth Avenue and Ian Schrager with 160 Leroy

Manhattan’s luxury market had another frigid week, as the number of contracts recorded was half of what it was this time last year.

Just 12 deals with asking prices of $4 million went into contract last week, compared with 24 deals during the same week in 2017, according to Olshan Realty’s luxury market report.

The only bright spot was the fact that two of the top deals had asking prices north of $20 million.

The top contract went to the Upper East Side townhouse owned by the National Academy Museum at 1083 Fifth Avenue, which had an asking price of $29.5 million. The Academy had originally listed the 27-foot wide building as part of a portfolio of three properties in 2016 for $120 million.

Ian Schrager’s 160 Leroy Street in the West Village recorded the second-priciest contract: a four-bedroom condo that the developer bumped from an asking price of $19.5 million when the unit first listed in early 2017 to $21 million.

The unknown buyer of unit 14B also purchased a one-bedroom condo – unit South9A – at an asking price of $3.2 million, according to Olshan.

Closings at the Herzog & de Meuron-designed building are expected to start in the first quarter of the year. More than 90 percent of the units are sold.

Luxury contracts signed last week had asking prices totaling $119 million, with a median asking price of $7.17 million. Luxury units had an average discount of 4 percent from their original asking price to the final one, and spent an average of 388 days on the market. [Olshan Realty]Rich Bockmann