The Real Deal New York

Manhattan’s luxe resi market notched 18 contracts last week: Olshan

Third quarter deal activity up 12 percent from last year
September 24, 2018 11:15AM

From left: 27 East 79th Street, Kyle Blackmon, and 432 Park Avenue (Credit: Compass and 432parkavenue)

Manhattan’s luxury residential market recorded 18 contracts last week at $4 million and above, according to Olshan Realty’s weekly market report.

That was on par with the 17 contracts notched during last year’s Yom Kippur week. And it closed out the third quarter of the year, which saw contract activity of 233 deals — up nearly 12 percent from 206 contracts during the same time last year.

Harry Macklowe and CIM Group’s 432 Park Avenue claimed the week’s No. 1 spot for the sixth time this year. Unit 68B — a resale originally purchased in 2016 — went into contract last week with an asking price of $29.2 million, a slight reduction off the $30.9 million it had been asking when the condominium first hit the market in July 2017.

The purchase price for the four-bed, four-and-a-half-bath apartment works out to about $7,265 per square foot. The seller paid $27.12 million for the home in September 2016.

Compass’ Kyle Blackmon has the listing.

The Upper East Side boutique condo building at 27 East 79th Street claimed the week’s second-priciest deal: a triplex apartment asking $16.85 million.

Unit TH2 at the building, developed by Adellco, spans the second, third and fourth floors of the 15-story building. The contract price works out to $3,790 per square foot.

Corcoran Sunshine Marketing Group’s Pamela Johananoff, Leighton Candler and Bradley Comisar are handling sales at the building.

The week’s contract asking-price volume totaled $151.65 million, up 33.5 percent from $113.55 million the same week last year. The median asking price was $6.22 million.

Luxury homes spent an average of 428 days on the market, with an average discount of 2 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann