The Real Deal New York

Manhattan luxury market has “typically dreary” close to the year: Olshan

There were five contracts signed in the market last week for $4 million or more
December 31, 2018 11:30AM

432 Park Avenue (Credit: iStock)

The last week of the year was slow and “typically dreary” for Manhattan’s luxury real estate market, according to the latest report from Olshan Realty.

The borough saw just five contracts signed last week at $4 million and above, split between one co-op and four condos. The units went for about $73.7 million overall.

The priciest deal last week was a unit at Harry Macklowe and CIM Group’s 432 Park Avenue, the 10th time of the year that the building had the most expensive deal of the week. Unit 95B sold for $40.75 million. The home is a three-bedroom corner unit spanning about 4,000 square feet with a library and fireplace.

The second priciest deal was at 443 Greenwich Street, which went for $16.25 million. The three-bedroom condo spans about 3,500 square feet and includes a terrace and outdoor kitchen. The building has proven to be a popular spot for celebrities including Jennifer Lawrence, Justin Timberlake and Jessica Biel, and Ryan Reynolds and Blake Lively.

The only other contracts signed last week were for a $6.25 million condo at 25 Central Park West, a roughly $5.6 million condo at 225 West 86th Street and a $4.8 million co-op at 40 Fifth Avenue.

The properties spent an average of 549 days on the market and had an average discount of 2 percent from the original to the final asking price. [Olshan Realty] – Eddie Small