Luxury market off to a strong start in February: Olshan 

First week recorded 26 contracts, best total since early December

New York /
Feb.February 05, 2018 08:45 AM

995 Fifth Avenue and One Madison

Manhattan’s luxury market got off to a strong start in February, with 26 contracts signed at or above $4 million, according to Olshan Realty’s weekly luxury market report. It was the best week since the first full week of December, when 30 contracts were signed.

The rising stock market could partly explain the jump in activity, though the Dow Jones’ 666-point plunge on Friday is cause for concern, Olshan noted.

The top contract went to a pair of separate cond-op units on Fifth Avenue that will be combined into an 8,500-square-foot home.

Units 11S and 11N at 995 Fifth Avenue had a combined asking price of $29.75 million. Hedge fund manager Matthew McLennan paid a total of $25.72 million for both units, buying the larger one for $14.42 million in 2008 and then picking up the smaller one for $11.3 million in 2012.

Extell Development converted the Rosario Candela-designed former Stanhope Hotel overlooking the Metropolitan Museum of Art in 2007. Elsewhere in the building, Claude Wasserstein, the third wife of the late financier Bruce Wasserstein, put her duplex penthouse on the market in November for $65 million, though the listing is no longer available on StreetEasy.

A duplex penthouse at One Madison claimed the No. 2 spot for the week. The 6,620-square-foot condominium had an asking price of $26.95 million, a 28 percent reduction to the $37.5 million it was asking when it went on the market in September 2013.

The week’s asking-price contract volume totaled $211.75 million, with a median asking price of $5.18 million. There was a 10 percent average discount from original asking price to last asking price, and luxury homes spent an average of 420 days on the market. [Olshan Realty]Rich Bockmann


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Steve Cohen and One Beacon Court at 151 East 58th Street (Corcoran, Getty)
Manhattan luxury market sees best week since 2013
Manhattan luxury market sees best week since 2013
Solow Building Company chairman Stefan Soloviev, CEO Michael J. Hershman and vice chairman Hayden Soloviev (Solow Residential, Fairfax, LinkedIn)
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
This Brooklyn Heights home went into contract at $2,184 per square foot. (Compass)
$14M house topped Brooklyn’s luxury listings last week
$14M house topped Brooklyn’s luxury listings last week
Ai Weiwei with 708 New Forge Hallow (Getty, Compass)
Ai Weiwei–designed home sells for $5M
Ai Weiwei–designed home sells for $5M
Assemblyman N. Nick Perry and Sen. Brian Kavanagh (Getty, iStock, NY State Assembly)
New bill would force co-op boards to explain rejections
New bill would force co-op boards to explain rejections
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...