Manhattan luxury market on track for worst January since 2012: Olshan

Market saw 11 contracts for $4 million or higher signed last week

New York /
Jan.January 28, 2019 10:30 AM

62 Cooper Square (Credit: Google Maps)

Manhattan’s luxury market saw 11 contracts signed last week for a total of about $60.6 million, according to the latest report from Olshan Realty. This indicates that the market will likely finish the month with its lowest totals since 2012.

The contracts signed at $4 million or above were split between 10 condos and one co-op. The number of contracts dropped by one from the week before, and the dollar volume decreased by about $36.4 million.

The dollar volume was the lowest total since the first week of 2014, when it was at about $59.2 million, and not a single sale was for more than $10 million, which only happened once in the middle of November last year.

The top contract signed last week was for a condo at 62 Cooper Square, which was asking $9.5 million. The three-bedroom unit spans 6,700 square feet.

The second priciest deal was for a condo at 275 West 10th Street, which had an asking price of $7.45 million. The three-bedroom corner unit spans 2,885 square feet.

Other contracts signed last week included a $6 million condo at 388 West Broadway and a $4.1 million co-op at 257 West 86th Street.

The properties spent an average of 599 days on the market and had an average discount of 11 percent from the original to the final asking price. [Olshan Realty] – Eddie Small


Related Articles

arrow_forward_ios
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”
For 15 years, David Koch lived at the world’s “richest building”
Wells Fargo CEO Charles Scharf (Getty Images)
Wells Fargo backing off mortgage market
Wells Fargo backing off mortgage market
One Brooklyn Bridge Park units 427/8 and 1115 (StreetEasy, Google maps)
One Brooklyn Bridge Park condos top Brooklyn luxury market
One Brooklyn Bridge Park condos top Brooklyn luxury market
The Ritz-Carlton New York NoMad (The Ritz-Carlton New York, Illustration by Priyanka Modi for The Real Deal with Getty)
Ritz-Carlton NoMad evades short-term rental ban
Ritz-Carlton NoMad evades short-term rental ban
95 Charles Street (Illustration by Kevin Cifuentes for The Real Deal with Getty, Streeteasy)
Manhattan luxe sees 28 contracts signed in first half of August
Manhattan luxe sees 28 contracts signed in first half of August
740 Park Avenue and Corcoran broker Francine Crocker (Corcoran, Getty)
Tower of power: Duplex at 740 Park listed for $26M
Tower of power: Duplex at 740 Park listed for $26M
Douglas Elliman’s Kirsten Jordan and 2728 Thomson Avenue in Queens (Corcoran, Douglas Elliman, Getty)
TRD Pro: Queens’ priciest home sales in the second quarter
TRD Pro: Queens’ priciest home sales in the second quarter
Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
NFL star earns his real estate wings
NFL star earns his real estate wings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...