The Real Deal New York

Manhattan’s luxe resi market off to a slow start in December: Olshan

Last week saw the fewest contracts signed to kick off the month since 2015
December 10, 2018 12:00PM

768 5th Avenue and Moshe Shuster with 503 West 24th Street (Credit: Getty Images)

Manhattan’s luxury residential market saw its slowest start to December since 2015, with just 18 contracts signed on homes $4 million and up last week, according to Olshan Realty’s weekly market report.

That figure was down from 30 contracts inked during the same week in 2017 and 2016.

Last week’s priciest contract went to a condominium at the Plaza Hotel with an asking price of $23.5 million. Unit 603/605 at 1 Central Park South spans 3,196 square feet, bringing the purchase price to north of $7,350 per square foot.

Carrie Chiang and Aloysius Carlos at Corocran Group have the listing.

The seller had purchased the two units for a total of $15.27 million in 2014 and combined them into a 4-bedroom, 4.5-bath home facing Central Park.

The Victor Group’s the Getty condo building near the High Line (Michael Shvo is also involved in the project) snagged the week’s second-priciest contract on a unit asking $19 million. The third-floor apartment in the 6-unit building at 503 West 24th Street comes as a raw, white box.

The Tamir Shemesh’s team at Douglas Elliman is handling sales at the building, where finance mogul Robert F. Smith in April paid a little more than $59 million to buy the top three floors.

The week’s asking-price contract volume totaled $157.33 million, with a median asking price of $5.22 million.

Manhattan luxury homes spent an average of 400 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