Manhattan’s luxe resi market rebounds from Thanksgiving-week slump

20 contracts signed at $4M and up: Olshan

TRD New York /
Dec.December 03, 2018 09:45 AM

From left: Nurzhan Subkhanberdin and the Time Warner Center at 10 Columbus Circle and 27 East 79th Street (Credit: Wikipedia)

Manhattan’s luxury residential market rebounded from the Thanksgiving-week slump with 20 signed contracts, according to Olshan Realty’s weekly market report.

Turkish billionaire Nurzhan Subkhanberdin’s two condominiums at the Time Warner Center took the week’s No. 1 spot, with an asking price of $23.49 million. That’s a reduction of more than 30 percent off the $35 million that units 75C and 75E were asking when they first hit the market in June 2015.

Subkhanberdin, founder and chairman of Kazakhstan’s largest bank, bought the two condos in 2004 and 2014 for a combined $16.9 million.

Adellco’s condo development at 27 East 79th Street claimed the week’s second-priciest contract, with the penthouse asking $22.8 million. That works out to an asking price of nearly $5,250 per square foot for the five-bedroom home.

Corcoran Sunshine Marketing is handling sales at the project.

Manhattan’s asking price contract volume totaled $139.36 million for the week, with a median price of $4.92 million. Luxury homes spent an average of 555 days on the market with an average discount of 11 percent from the original asking price to the final asking price. [Olshan Realty] – Rich Bockmann

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

Clockwise from left: 240 Riverside Boulevar with  Charles Zegar, 111 Murray Street, and 220 Central Park South (Credit: Google Maps, Getty Images, and CityRealty)

Here are some of the Big Apple’s recent luxury resi buys