The Real Deal New York

Manhattan’s hot run of luxury home contracts chilled last week: Olshan

Market notched just 14 deals, snapping three-week spree of 20 or more luxe contracts
November 19, 2018 11:30AM

From left: 255 East 74th Street, Victoria Shtainer, 410 West 24th Street and Jordan Shea (Credit: CityRealty and Facebook)

Like the famous Union Square Coffee Shop and Broadway’s Drama Book Shop, Manhattan’s recent run of luxury-home deals has come to an end.

The three-week stretch of 20 or more contracts on homes priced $4 million and up ended last week with a disappointing 14 deals signed, according to Olshan Realty’s weekly market report. Last week was also the first time since September 2017 that not one contract was signed at $10 million or above.

A resale at the Upper East Side’s Casa 74 condominium tower took the week’s No. 1 spot with an asking price of $7.99 million. That’s a discount of nearly 6 percent off the $8.49 million that unit 29A had originally asked when it hit the market in October.

The asking price works out to a little more than $2,280 per square foot. The World Wide Group developed the 31-story, 87-unit condo tower in 2008. Victoria Shtainer at Compass has the listing.

The week’s second-priciest deal went to unit PHA at the sprawling London Terrace co-op at 410 West 24th Street in Chelsea, which had an asking price of $7.95 million. That’s a haircut of almost 5 percent off the $8.4 million the unit was asking when it went up for sale in May.

Jordan Shea at Douglas Elliman has the listing.

The week’s asking-price contract volume totaled $84.83 million, with a median asking price of $5.97 million.

Manhattan luxury homes spent an average of 308 days on the market, with an average discount of 5 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann