Sluggish pace continues in Manhattan luxury market: Olshan

There were 15 contracts for $4 million or higher signed last week

New York /
Feb.February 04, 2019 09:30 AM

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


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”
Illustration of Loews Corporation's Jonathan Tisch and Taubman Centers’ Robert Taubman (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Tisch, other Hamptons billionaires shamed by water authority
Tisch, other Hamptons billionaires shamed by water authority
Corcoran's Tim Davis with 1116 Meadow Lane (Tim Davis Hamptons)
Estate trades for $48M on Meadow Lane — $9M above ask
Estate trades for $48M on Meadow Lane — $9M above ask
Housing, Collapse
Housing starts collapse under inflation, high rates
Housing starts collapse under inflation, high rates
Blend Labs ceo Nima Ghamsari (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Blend)
Digital mortgage firm Blend loses $478M, sheds more of workforce
Digital mortgage firm Blend loses $478M, sheds more of workforce
(Illustration by Kevin Rebong for The Real Deal with Getty)
Mortgage demand drops to turn-of-the-century levels
Mortgage demand drops to turn-of-the-century levels
From left: Lee Mintz, Eugene Litvak, Phillip Salem and Compass CEO Robert Reffkin (Compass, Lee Mintz, Getty)
Compass agents defend company against taunts of “financial negligence”
Compass agents defend company against taunts of “financial negligence”
Wells Fargo CEO Charles Scharf (Getty Images)
Wells Fargo backing off mortgage market
Wells Fargo backing off mortgage market
arrow_forward_ios

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

Loading...