The Real Deal New York

Manhattan’s luxe resi market saw an unexpected boost last week: Olshan

33 contracts recorded at $4M and up, best late-June performance on record going back to 2006
June 25, 2018 08:07AM

Joseph Chetrit and 110 East 76th Street

Manhattan’s luxury residential market experienced an unexpected shot in the arm last week, recording 33 contracts at $4 million and up, according to Olshan Realty’s weekly market report.

It was the strongest third week of June on record since Olshan started keeping track in 2006.

An Upper East Side townhouse at 110 East 76th Street snagged the week’s No. 1 spot with an asking price of $51 million. The 15,000-square-foot home is one of six brownstones Joseph Chetrit bought from Lenox Hill Hospital in 2007 for $26 million.

The developer combined the townhouses into three homes, and late last year put them on the market with a total asking price of $134 million. Soho China co-owners Zhang Xin and Pan Shiyi last year refinanced the three townhouses with a $63 million loan.

The week’s No. 2 contract went to co-op unit PHA/1B at 1185 Park Avenue, which had a last asking price of $18.5 million.

The second quarter of the year recorded 346 contracts at $4 million and up, compared to 348 in 2017. The dollar volume for the second quarter increased 19 percent over the same time last year to $2.97 billion, while the average days on the market decreased from 409 days in 2017 to 395 days.

Developers sold 43 percent of luxury apartments during the second quarter, up from 38 percent in 2016 and 2017.

The week’s asking price dollar volume totaled $281.25 million, with a median asking price of $6.75 million. Luxury homes spent an average of 408 days on the market, and had an average discount of 7 percent from the original asking price to the final asking price. [Olshan] – Rich Bockmann