The Real Deal New York

Manhattan luxury market notched 24 contracts last week at $4M and up: Olshan

Top two properties went into contract at asking prices lower than sellers paid
May 14, 2018 08:30AM

(Clockwise from top left) The Baccarat Hotel & Residences and Unit 44 in the building; 39 East 67th Street and a photo of the interior

Manhattan’s luxury residential market recorded 24 contracts at $4 million and above last week, according to Olshan Realty’s luxury market report. But discounts are driving deal activity, and the week’s top two deals went into contract for less than the sellers originally paid for their properties.

Two deals were tied for the week’s priciest contract, both with an asking price of $18.75 million.

At the Baccarat Hotel and Residences, condominium unit 44A’s asking price was nine percent lower than the $20.62 million the seller paid for the 4,545-square-foot home in May 2015.

The mystery buyer of the building’s penthouse earlier this year listed the home for $40 million, less than the $43 million the buyer paid in June 2016.

And for the townhouse at 39 East 67th Street, the $18.75 million asking price was nearly 17 percent lower than the $22.5 million it last sold for in 2014. The five-story, 11,455-square-foot home had an asking price of $31 million when it hit the market two years ago.

The week’s asking price sales volume totaled $187.32 million, with a median asking price of $6.49 million. Luxury homes spent an average of 289 days on the market, with an average discount of 11 percent from the original asking price to the final asking price. [Olshan Realty]Rich Bockmann