The Real Deal New York

Sluggish pace continues in Manhattan luxury market: Olshan

There were 15 contracts for $4 million or higher signed last week
February 04, 2019 09:30AM

3 East 89th Street

Manhattan’s luxury market saw just 15 contracts signed last week for a total of about $132 million, according to the latest report from Olshan Realty. This is the slowest week the market has had going into February since 2010, when there were also 15 contracts signed.

The contracts signed at $4 million or above were split between 10 condos, three co-ops and two townhouses. The number of contracts increased by four from the week before, and the dollar volume increased by about $71.4 million.

The top contract signed last week was for a townhouse at 3 East 89th Street, which was asking $27 million, down from $29.5 million when it first hit the market in March 2017. The seven-bedroom, six-story house spans about 14,000 square feet and was sold by the National Academy Museum. It needs a complete renovation.

The second priciest deal was for a townhouse at 49 East 68th Street, which had an asking price of $23 million. The six-story house spans 10,250 square feet.

Other contracts signed last week included an $11.1 million condo at 30 Park Place and a roughly $6 million co-op at 1150 Fifth Avenue.

The properties spent an average of 574 days on the market and had an average discount of 10 percent from the original to the final asking price.

Last week, The Real Deal looked into why there was such a dearth in activity. Experts attributed the sluggishness to unrealistic seller expectations and the government shutdown, among other factors. [Olshan] – Eddie Small