The Real Deal New York

Manhattan’s luxury market notched 28 contracts last week: Olshan

Sales have seen a boost thanks to healthy discounts
May 07, 2018 09:05AM

Gary Barnett with 157 West 57th Street and Ian Bruce Eichner with 45 East 22nd Street

Manhattan’s luxury residential market recorded 28 contracts last week at $4 million and above, according to Olshan Realty’s weekly market report.

The spring condo market has seen a boost in trades thanks to developers who have been offering healthy discounts, Olshan said.

The week’s top two contracts were signed at Extell Development’s One57, where units 52B and 61B had been asking $29.95 million and $29 million, respectively.

Extell discounted the sponsor units and sold them for around $24 million, Bloomberg reported. The developer recently sold two other units that averaged discounts of 15 percent, according to Olshan.

Extell has 36 sponsor units left to sell of the 90 that hit the market in 2012.

Ian Bruce Eichner, Fortress Investment Group and Dune Real Estate’s 45 East 22nd Street recorded the week’s No. 3 contract: a 4-bedroom unit asking $24.65 million. Eichner and his partners have been battling over control of the condominium tower.

The week’s luxury home asking price volume totaled $260.22 million, with a median asking price of $5.44 million. Luxury homes spent an average of 666 days on the market with an average discount of 5 percent from the original ask to the final asking price. [Olshan Realty]Rich Bockmann