Luxury market is back on its feet: Olshan

Fourth straight week activity topped 20 deals

New York /
Feb.February 26, 2018 08:07 AM

From left: Alchemy Partners’ Kenneth Horn, Carlyle Group’s Robert Stuckey and a rendering of 250 West 81st Street; 993 Fifth Avenue (Credit: 250west81st.com, CityRealty)

Manhattan’s luxury market recorded 29 contracts at $4 million and above last week – the fourth week in a row contract activity topped 20 deals, according to Olshan Realty’s weekly market report.

The No. 1 spot went to a 12-room co-op apartment across from the Metropolitan Museum of Art at 993 Fifth Avenue with an asking price of $17 million. That’s a nearly 32 percent reduction off the original ask of $24.9 million when the unit was first listed in May.

The full 7th floor home has six bedrooms, 5.5 baths and a master suite facing the museum. The Met, meanwhile, is considering selling its executive apartment on the building’s 2nd floor as it looks to shore up its unsteady finances.

Alchemy Properties and the Carlyle Group’s condominium development at 250 West 81st Street accounted for the week’s second-priciest contract: the triplex penthouse at the Robert A.M. Stern-designed building with an asking price of $16 million.

The building quietly started selling units in the fall, and the buyer of the 4,278-square-foot penthouse bought the unit off of floor plans.

The week’s asking-price volume totaled $204.79 million, with a median asking price of $5.25 million. Luxury homes spent an average of 377 days on the market, with an average discount of 10 percent from the original ask to the final one. [Olshan Realty] – Rich Bockmann


Related Articles

arrow_forward_ios
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)

Vanke seeks to remove RFR from Midtown condo project

Vanke seeks to remove RFR from Midtown condo project
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
TikTok's biggest stars include (from left) Bryce Hall, Griffin Johnson, Addison Rae, Charli D'Amelio and Dixie D’Amelio (Getty)

Firm that manages TikTok party houses goes public

Firm that manages TikTok party houses goes public
RMBS then and now: Do securitized home loans still matter?

RMBS then and now: Do securitized home loans still matter?

RMBS then and now: Do securitized home loans still matter?
arrow_forward_ios

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

Loading...