The Real Deal New York

Manhattan’s luxe resi market saw 13 contracts last week: Olshan

Contract price volume off nearly 20% from the same time last year
July 23, 2018 08:30AM

GID Development’s James Linsey with 10 Riverside Boulevard, Melissa Burch of Lendlease and Victor Group’s Ran Korolik with 277 Fifth Avenue

Manhattan’s luxury residential market recorded 13 contracts at $4 million and up last week, according to Olshan Realty’s weekly market report.

That figure was down from 16 contracts signed during the same time last year.

GID Development Group’s Waterline Square condominium project claimed the week’s priciest deal, with unit 36A at 10 Riverside Boulevard going into contract with an asking price of $15.5 million.

The four bedroom, 4.5 bath condo spans 3,783 square feet, bringing the contract price to just above $4,000 per square foot. Corcoran Sunshine Marketing Group is handling sales at the Richard Meier-designed building.

Victor Group and Lendlease’s Nomad condo building at 277 Fifth Avenue snagged the week’s second-biggest contract for unit 48B, which had an asking price of $11.8 million. The 3 bedroom, 3.5 bath condo in the Rafael Vinoly-designed building measures 2,333 square feet, for an asking price of slightly more than $5,000 per square foot. Corcoran Sunshine Marketing is handling sales at the building.

The week’s asking price sales volume for luxury homes totaled just $98.65 million, down 19.5 percent from $122.55 million during the same week last year.

The median asking price for the week was $6.5 million. Luxury homes spent an average of 426 days on the market, with an average discount of 10 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann