The Real Deal New York

Manhattan’s luxury market saw 24 contracts signed last week: Olshan

Homes priced at $4M and up had an average discount of 11%
June 11, 2018 09:04AM

From back left: 7th floor interior of 640 Park Avenue, 565 Broome St, and Davide Bizzi (Credit: LLNYC and portrait by Giulio Oldrini)

Manhattan’s luxury residential market performed well last week with 24 contracts signed at $4 million and up, according to Olshan Realty’s weekly luxury market report.

A co-op at 640 Park Avenue took the week’s top spot with an asking price of $21 million. The full-floor unit on the seventh floor originally had an asking price of $25 million when it hit the market in February 2017, representing a premium of 16 percent over the most recent asking price.

The 14-room unit has six bedrooms, six-and-a-half baths and a living room and dining room that have a 65-foot expanse overlooking Park Avenue.

Bizzi & Partners Development’s Hudson Square condo building at 565 Broome Street laid claim to the week’s second-priciest contract. Unit N16B, a duplex condominium spanning 3,576 square feet, had an asking price of $15.5 million.

Bizzi is developing the Renzo Piano-designed building with Aronov Development, Halpern Real Estate Ventures and Cindat Capital Management.

Not a single co-op or condo on the Upper West Side went into contract last week, the first time in more than a year, according to Olshan.

The week’s asking price sales volume totaled $176.3 million, with a median asking price of $5.84 million.

Luxury homes spent an average of 390 days on the market, with an average discount of 11 percent from the original asking price to the last asking price. [Olshan] – Rich Bockmann