The Real Deal New York

Manhattan’s luxury market notched 29 contracts last week: Olshan

Pair of resale units at 432 Park asking $68M snagged the top spot
April 09, 2018 08:30AM

432 Park Avenue (Illustration by Lexi Pilgrim for The Real Deal) and 115 Central Park West

Manhattan’s luxury market recorded 29 contracts at $4 million and above last week, according to Olshan Realty’s weekly market report.

A pair of resale units at 432 Park Avenue snagged the No. 1 spot on last week’s list. Apartments 71A and 71B – each with three bedrooms and 4.5 baths – had a combined asking price of $68.5 million.

The seller purchased the condominiums in March 2016 through a pair of LLCs named Cupid Properties and Dasher Properties for a combined $59.84 million. Over the past six months, at least 13 resales at Macklowe Properties and CIM Group’s Billionaires’ Row tower have hit the market – nearly triple the number of sponsor units available, as The Real Deal reported last week.

The week’s No. 2 contract went to PH31/33CD at 115 Central Park West, which had an asking price of $19.5 million. That was a 20 percent reduction from the $24.5 million the co-op had when it hit the market in September. The triplex in the Majestic building has four bedrooms, 3.5 baths and a top floor with a home theater and a golf simulator.

The week’s asking price sales volume totaled $263.3 million, with a median asking price of $5.26 million. Luxury homes spent an average of 359 days on the market, with an average discount of 6 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann