The Real Deal New York

Number of luxe contracts doubles before Christmas: Olshan

Market saw 22 deals at $4M and up last week, up from just 10 the same week last year
December 24, 2018 01:30PM

Harry Macklowe, 993 Fifth Avenue and 432 Park Avenue

Manhattan’s luxury residential market gave a “remarkable performance” last week with more than double the number of contracts signed compared to the same week last year, according to Olshan Realty’s weekly market report.

The market saw 22 contracts signed last week at $4 million and up, Olshan reported. That was up from 10 contracts the same week last December.

Harry Macklowe and CIM Group’s 432 Park claimed the week’s priciest contract for the ninth time this year. Unit 87B went under contract with an asking price of $40.5 million, or more than $10,000 per square foot.

Douglas Elliman’s Richard Steinberg, Sabrina Saltiel, Roger Erickson and Shari Scharfer-Rollins have the listing.

The Upper East Side co-op at 993 Fifth Avenue took the week’s No. 2 spot, with the full 11th floor asking $22.5 million. That’s a reduction of nearly 20 percent from the $27.9 million the 12-room, five-bedroom apartment was asking when it hit the market in October 2016 asking $27.9 million.

Arline Tarte at Compass has the listing.

The co-op’s board does not allow mortgage financing.

The week’s asking price contract volume totaled $198.9 million, with a median asking price of $6.22 million. Manhattan luxury homes spent an average of 474 days on the market, with an average discount of 12 percent from the original asking price to the final asking price. [Olshan Realty]Rich Bockmann