The Real Deal New York

Manhattan’s luxe resi market notched 17 contracts last week: Olshan

No. of deals dipped below the 20-plus benchmark seen in recent weeks
October 22, 2018 08:41AM

From left: 1120 Park Avenue, Jeff Blau, and 70 Vestry (Credit: City Realty)

Manhattan’s luxury residential market recorded 17 contracts at $4 million and above last week, according to Olshan Realty’s luxury market report.

Last week’s totals were down from 21 contracts signed during the same week last year, and dipped below the 20-plus benchmark the market had seen the past two weeks.

Olshan also noted figures from Urbandigs.com (which pull its data from the Real Estate Board of New York’s Residential Listings Service) that noted Manhattan inventory is at its highest point since 2011 with 7,077 listings.

The penthouse co-op at 1120 Park Avenue claimed the week’s priciest contract, which clocked in at $25 million. The 12-room triplex apartment features a wraparound terrace with views of Central Park.

Alexa Lambert, Marc Achilles and Julie Soffen at Stribling have the listing.

The Related Companies’ new condominium building at 70 Vestry Street in Tribeca notched the week’s second-most expensive deal: Unit 5D went into contract with an asking price of $11.29 million.

The three bedroom, 3.5 bath has views of the Hudson River and spans 2,536 square feet, bringing the contract price to more than $4,450 per square foot. Related last year put a unit into contract that had an asking price of $65 million, and said it will break a downtown record.

Corcoran Sunshine is handling leasing at the building.

The week’s asking price sales volume totaled $136.92 million, with a median asking price of $7.55 million. Luxury homes spent an average of 506 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