The Real Deal New York

Manhattan’s luxe resi market slowed to a dozen contracts last week: Olshan

Deal volume hasn’t been this low since January
August 13, 2018 09:00AM

From left: 4 Sutton Square and 58 West 9th Street

Manhattan’s luxury residential real estate market saw just 12 deals signed at $4 million and up last week, according to Olshan Realty’s weekly market report.

That was the lowest total since the first two weeks in January, and down from 17 contracts signed during the same week a year ago.

The week’s priciest contract went to the townhouse at 4 Sutton Square, which had an asking price of $12.99 million. That’s a reduction of roughly 33 percent off the $19.5 million the home had been asking when it first hit the market in October.

The seller purchased the 4,004-square-foot home for $10.96 million in 2005 and gut renovated the four-bedroom townhouse.

Lauren Muss and Michael Passaro at Douglas Elliman have the listing.

A Greenwich Village brownstone at 58 West 9th Street recorded the week’s second-priciest contract with an asking price of $11.9 million. The 4,930-square-foot home had been asking $17 million when it went on the market in August 2016.

Douglas Elliman’s Patricia Isen and Leslie Mason have the listing.

The week’s asking price contract volume totaled $104.36 million, down 3.6 percent from $108.3 million during the same week last year.

Manhattan luxury homes had a median asking price of $6.92 million and spent an average of 697 days on the market, with an average discount of 17 percent from the original asking price to the last asking price. [Olshan Realty] – Rich Bockmann