The Real Deal New York

Manhattan’s luxe resi market put on a “dazzling” late-August performance last week: Olshan

Buyers inked 24 contracts at $4M and up
August 27, 2018 09:39AM

From left: Apartment 1602 at the Pierre, Nikki Field, 11 Hubert Street, Andrew Azoulay and Fred Eklund (Credit: Sotheby’s, NikkiField, Getty Images, and Corcoran)

Manhattan’s luxury residential market put on a “dazzling late-August performance” last week, recording 24 contracts at $4 million and up, according to Olshan Realty’s weekly market report.

Last week’s activity represented a significant boost over the same week last year, when just 15 luxury contracts were signed.

The priciest deal last week was for a co-op at the Pierre Hotel at 795 Fifth Avenue, which had an asking price of $22.5 million.

Apartment 1602 went through a complete renovation in 2010. Sotheby’s International’s Nikki Field, Kevin Brown and Helen Marcos have the listing.

BGC Partners head Howard Lutnick last year bought the penthouse at the Pierre for $44 million, an $80 million haircut off the original asking price of $125 million.

A three-story, mixed-use building in Tribeca claimed the week’s No. 2 spot with an asking price of $19.99 million. The 10,200-square-foot 11 Hubert Street is divided into two commercial and two residential units.

The owner, Wall Street veteran Adam Zoia, bought the property in 2014 for $15.3 million and is selling it with city-approved building plans designed by Maya Lin, the architect who at the age of 21 designed the Vietnam Veterans Memorial in Washington, D.C.

The contract price represents a nearly 43-percent reduction off the $35 million the property had originally been asking when it first hit the market in February 2017. Fredrik Eklund and Andrew Azoulay at Douglas Elliman have the listing.

The week’s asking price contract volume totaled $195.51 million, an increase of nearly 49 percent over the $100 million recorded the same week last year.

The median asking price for a luxury home that went into contract last week was $5.9 million. Luxury properties spent an average of 504 days on the market, with an average discount of 11 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann