Manhattan luxe market notched 28 contracts at $4M and up last week: Olshan

May activity was lowest since 2012

TRD New York /
May.May 29, 2018 10:00 AM

Bruce Eichner, 45 East 22nd St, and 432 Park Ave

Manhattan’s luxury residential market notched 28 contracts at $4 million and above last week, according to Olshan Realty’s weekly luxury market report. That caps off the month of May with 126 luxury contracts – the lowest total for the month since 2012.

So far through 2018, the number of contracts signed at $4 million and up is down 8 percent compared to last year, according to Olshan.

Macklowe Properties and CIM Group’s 432 Park Avenue recorded the priciest contract of the week for the second week in a row and the fifth time this year.

Unit 65B had an asking price of $28.5 million, down 13 percent from the $32.5 million it was asking when it first hit the market in April 2017. The 4,019-square-foot corner condominium was originally purchased for $26.6 million in March 2016.

Ian Bruce Eichner, Fortress Investment Group and Dune Real Estate Partners’ 45 East 22nd Street pulled in the week’s No. 2 contract. The 4,651-square-foot condo on the building’s 55th floor had an asking price of $15.99 million, down 20 percent from the $20 million asking price it carried when it hit the market in October 2016.

The week’s luxury asking price sales volume totaled $224.91 million, with a median asking price of $6.68 million. Luxury homes spent an average of 334 days on the market, with an average discount of 7 percent from the original asking price to the final asking price. [Olshan]Rich Bockmann

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