Manhattan’s luxury residential market was red-hot last week, with 26 contracts signed at $4 million and above, according to Olshan Realty’s weekly market report.
That was the most activity for the last week of July since Olshan started keeping track in 2006. But on the flipside, luxury homes spent an average of a whopping 536 days on the market.
And almost half of last week’s luxury contracts were sold by developers, with an average discount of 15 percent off the original asking price. That suggests new condominiums “are in discount mode,” according to Olshan.
The combined units span 8,506 square feet of interior space, bringing the contract price to nearly $3,200 per square foot. Douglas Elliman is handling sales at the 246-unit new development.
Time Equities’ gut renovation of the seven-bedroom townhouse at 38 Prince Street in Nolita claimed the week’s No. 2 spot with an asking price of $23.5 million. The home, originally the west wing of the Old Saint Patrick’s School and Convent, had an original asking price of $25 million when it hit the market in November 2015.
Francis Greenbuger’s Time Equities bought the building in 2014 for $8.8 million. The townhouse spans 8,069 square feet, for a contract price of roughly $2,900 per square foot.
The week’s asking price contract volume totaled $236 million, a 54 percent bump over the $108.3 million worth of contracts signed during the same week last year, when there were just 17 luxury contracts signed.
Luxury homes had a median contract price of $7.15 million. [Olshan Realty] – Rich Bockmann