The Real Deal New York

Manhattan’s luxury resi market notched 23 contracts last week: Olshan

The market has seen an uptick in townhouse deals
October 15, 2018 09:06AM

An interior shot of a unit at 432 Park Avenue and 24 West 71st Street (Credit: Agorafy)

Manhattan’s luxury residential market saw 23 contracts last week, according to Olshan Realty’s latest report. The sales were driven by condominium deals, most of which were sponsor units.

The top spot went to 432 Park Avenue for the eighth time this year. Unit 72B, asking $30.9 million, went into contract within three weeks of listing. The seller paid $27.5 million for the unit in July 2016. The unit spans 4,019 square feet.

The second priciest sale was a brownstone at 24 West 71st Street, asking $11.995 million. The price was cut from $15 million in March. The owner paid $13.7 million for it in December 2017. The 5-story, 20-foot-wide house has 8,820 square feet.

The past two weeks have seen a wave of townhouse transactions, the report noted. Eleven have gone into contract — the most since January 2017. The homes spent an average of 265 days on the market and saw an average discount of 19 percent before going into contract.

The week’s asking price contract volume totaled $164.7 million. The median asking price was $5.2 million. The homes saw an average discount of 4 percent and spent an average of 212 days on the market. [Olshan] — Meenal Vamburkar