Manhattan’s luxury resi market recorded 20 contracts at $4M and up last week: Olshan

It was the best post-Labor Day week since 2006

TRD New York /
Sep.September 10, 2018 09:45 AM

From left: 71 Laight Street, Leonard Steinberg, 51 Astor Place, and Noble Black (Credit: Douglas Elliman)

Manhattan’s luxury residential market recorded 20 contracts last week, according to Olshan Realty’s weekly market report. And while those numbers aren’t setting the world on fire, it was the best post-Labor Day week since Olshan started keeping records in 2006.

Taconic Investment Partners’ conversion of a former Tribeca warehouse at 71 Laight Street into the Sterling Mason condominium notched the week’s priciest contract.

The building’s duplex penthouse unit PHC — which had been on and off the market since 2013 — went into contract with an asking price of $15 million.

That works out to a contract asking price of a little bit more than $3,000 per square foot. The four-bedroom, four-and-a-half-bath condo originally went on the market in July 2013 with an asking price of $20 million.

Leonard Steinberg, Herve Senequier, Amy Mendizabal and Calli Sarkesh at Compass have the listing.

71 Laight Street’s duplex penthouse

It’s the final penthouse left at the 33-unit project. Penthouse A sold in October 2015 for just shy of $4,500 per square foot, and Penthouse B sold in August 2016 for nearly $4,000 per square foot.

A resale condominium in Noho at 21 Astor Place took the week’s No. 2 spot. The seven-room, four-bed unit 7D had an asking price of $13.5 million. That’s a reduction of nearly 22 percent off the $17.25 million the home had been asking when it hit the market in June of last year.

Noble Black and Justin Figari at Douglas Elliman have the listing.

The contract pricing works out to $3,157 per square foot. The unit last traded in 2008 for $6.1 million.

The week’s asking price contract volume totaled $152.76 million, with a median asking price of $6.64 million.

Luxury homes spent an average of 472 days on the market, with an average discount of 6 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann


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