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

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

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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