The Real Deal New York

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

20 contracts signed at $4M and up: Olshan
December 03, 2018 09:45AM

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