The Real Deal New York

Manhattan’s luxe market remained steady during July 4th holiday week: Olshan

Buyers inked 20 contracts at $4M and up
July 09, 2018 08:43AM

From left to right: Melissa Burch, Ran Korolik, 277 Fifth Avenue, and 888 Park Avenue (Credit: Max Dworkin, Victor Group NYC, CityRealty, and Google Maps)

Manhattan’s luxury residential market remained active during the July 4th holiday week, with 20 contracts signed at $4 million and above, according to Olshan Realty’s weekly luxury market report.

Co-op unit 14C at 888 Park Avenue laid claimed the week’s priciest deal, with an asking price of $14 million. The 10-room apartment hit the market in February, and needs to be renovated.

The Victor Group and Lendlease Development’s NoMad condominium building at 277 Fifth Avenue reeled in the week’s second-priciest contract, with an asking price of $12 million for unit 50A.

The purchase price for the 2,333-square-foot unit comes out to nearly $5,150 per square foot. The developers are aiming for a $536 million sellout for the 55-story, 130-unit tower designed by architect Rafael Vinoly.

The week’s asking-price sales volume totaled $138.46 million, with a median asking price of $7.15 million. Luxury homes spent an average of 269 days on the market, with an average discount of 5 percent from the original asking price to the final asking price. [Olshan] – Rich Bockmann