The Real Deal New York

Manhattan’s luxe resi market went through a holiday-week slump: Olshan

Just 12 contracts signed at $4M and up
November 26, 2018 09:30AM

70 Vestry Street and 7 Hubert Street (Credit: CityRealty)

Last week’s Thanksgiving bird wasn’t the only turkey in town.

Manhattan’s luxury residential market showed the typical holiday-week slump, with just 12 contracts signed at $4 million and up, according to Olshan Realty’s weekly market report.

But real estate players can give thanks that last week’s haul was far off from the lowest Thanksgiving Day week on record. That ignominious title goes to the holiday week in 2008 – two months after the crash of Lehman Brothers – when just one luxury contract was signed.

Last week’s No. 1 spot went to unit 9S at the Related Companies’ 70 Vestry Street, which had an asking price of $23.5 million. That’s a nearly 12 percent premium over the $21 million the four-bedroom condominium had been asking when it was offered off floor plans in April 2016.

The asking price works out to nearly $5,400 square feet for the apartment’s interior space. Related has closed on 19 units so far, averaging slightly more than $3,900 per square foot.

Corcoran Sunshine Marketing Group is handling sales at the building.

A resale at 7 Hubert Street in Tribeca claimed the week’s second-priciest deal, with an asking price of $8.75 million. The condo unit M9C had been asking $9.25 million when it came to market in April. The asking price pencils out to almost $1,890 per square foot.

Compass’ Leonard Steinberg has the listing.

The week’s asking price contract volume totaled $88.44 million, with a median asking price of $5.14 million. Manhattan luxury homes spent an average of 353 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