The Real Deal New York

Luxury contract activity held steady last week amid stock market woes and rising interest rates: Olshan

Manhattan recorded 24 luxe contracts, par for the course in February
February 12, 2018 09:00AM

Broad Street Development’s Raymond Chalmé with 40 Bleecker Street, and Harry Macklowe with 432 Park Avenue

Manhattan’s luxury market recorded 24 contracts at $4 million and above last week, which is par for the course in February. But amid a stock market selloff and rising interest rates, par for the course seems like pretty good news, according to Olshan Realty’s weekly luxury market report.

Billionaires’ Row’s 432 Park Avenue dominated the top of the list with the week’s top two priciest contracts on units sold by separate owners.

Unit 77B, which spans 5,421 square feet, had an asking price of $45 million. And the 2,633-square-foot unit 77A had an ask of $23 million. Combined, the contracts pencil out to $8,433 per square foot, or roughly $9 million above what the owners paid in 2016.

Harry Macklowe’s supertall tower recently crossed the $2 billion sales milestone, making it the most expensive residential project in the city to date.

Broad Street Development’s TRData LogoTINY 40 Bleecker Street took the No. 3 spot on the list of the week’s priciest contracts, with a 4-bedroom, 4.5-bath condominium going into contract with an asking price of $10.18 million.

The developer’s $289 million offering plan gained approval from the state Attorney General’s office last year. The sales office opened last week, but the developers have been quietly marketing units since the fall.

The week’s asking price sales volume totaled $199.81 million, with a median asking price of $5.72 million. Luxury homes spent an average of 518 days on the market, with an average discount of 6 percent from the original ask to the final one. [Olshan Realty] – Rich Bockmann