The Real Deal New York

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

Slowdown most likely due to Jewish New Year falling on Monday and Tuesday
September 17, 2018 10:30AM

From left: 18 West 15th Street, George Vanderploeg, Sherry Netherland’s Unit 30T at 781 Fifth Avenue, and Michael Lorber (Credit: Douglas Elliman)

Manhattan’s luxury residential market recorded just 13 contracts last week, most likely the result of slow activity during the Jewish New Year, according to Olshan Realty’s weekly market report.

An Upper West Side brownstone claimed the week’s priciest deal. The gut-renovated home at 18 West 75th Street had an asking price of $15 million, a reduction of 23 percent off the $19.5 million the home was originally asking when it hit the market in October 2016.

George Vanderploeg and Steffen Kral at Douglas Elliman have the listing.

The week’s second-priciest contract was signed at the Sherry Netherland, where co-op unit 30T had an asking price of $12.5 million. The full-floor tower unit sold within just two months of being listed.

Douglas Elliman’s Michael Lorber, Alexander Boriskin and Maria Velazquez have the listing.

The week’s contract-price asking volume totaled $96.33 million for the week, with a median asking price of $5.3 million. Luxury homes spent an average of 275 days on the market last week, with an average discount of 9 percent from the original asking price to the final asking price. [Olshan] – Rich Bockmann