The Real Deal New York

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

Just 14 contracts signed last week at $4M and up
July 16, 2018 08:40AM

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