Manhattan’s luxe resi market hits the summer slog: Olshan

Just 14 contracts signed last week at $4M and up

TRD New York /
Jul.July 16, 2018 08:40 AM

Left to right: 6 West 77th Street, 26 Downing Street, and Michael Fuchs

The summer slowdown finally hit Manhattan’s luxury residential market last week, as the number of contracts pricey contracts dipped below 20 for the first time since the last week of January, according to Olshan Realty’s weekly luxury market report.

The market notched just 14 contracts at $4 million and up last week, according to Olshan.

The week’s No. 1 contract went to the penthouse in the co-op building at 6 West 77th Street, which had an asking price of $22.5 million. The home, sold by the estate of author Nancy Friday, needs a complete renovation.

The duplex is comprised of four units that span part of the 16th floor and the entire 17th floor, with a 3,200-square-foot terrace. Wendy Sarasohn and Jamie Joseph at Brown Harris Stevens have the listing.

A West Village townhouse at 26 Downing Street took the week’s No 2. Spot, with an asking price of $20.99 million. That’s a reduction of a little more than 10 percent off the $23.5 million the townhouse was asking when it hit the market in April 2016.

RFR Realty partner Michael Fuchs bought the home for $14.38 million in 2012. Leslie J. Garfield’s Christopher Riccio and Matthew Pravda have the listing.

The week’s luxury contract sales volume totaled $140.92 million, with a median asking price of $7.15 million. Luxury homes spent an average of 408 days on the market, with an average discount of 5 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann

 

Related Articles

arrow_forward_ios
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...