The Real Deal New York

Spring awakening? Manhattan luxury market saw a big spike last week: Olshan

There were 26 contracts for $4 million or higher signed last week
February 19, 2019 09:35AM

11 East 68th Street (left) and 11 East 82nd Street (Credit: Elegran and Sotheby’s)

Manhattan’s luxury market saw 26 contracts signed last week valued at roughly $245 million, according to the latest report from Olshan Realty. This was the first week in 2019 to see more than 20 deals, after a thoroughly lackluster start to the year.

The contracts signed at $4 million or above were split between 14 condos, eight co-ops, one condop and three townhouses. The number of contracts increased by ten from the week before, while dollar volume more than doubled, reaching nearly $245 million.

The top two contracts were both for properties on the Upper East Side. The top contract was a penthouse unit at the Marquand, with Eli Hirschfeld’s company selling the unit it bought for $37.4 million. Hirschfeld Properties told The Real Deal that they didn’t take a loss on the unit, which was last asking $36 million. The prewar triplex spans 7,058 square feet including 6 bedrooms, 7 bathrooms, 4 fireplaces, and 4 terraces.

The second priciest deal was for a townhouse at 11 East 82nd Street, which had an asking price of $29.5 million, down from $44 million when it went on the market in November 2017. The sellers were Broadway producers Janet and Howard Kagan, who bought the 25-foot-wide limestone house for $24.45 million in October 2009.

Other contracts signed last week included a 40th-floor condo at 432 Park Avenue asking $23.5 million, and a full-floor, 15-room co-op at 4 East 72nd Street asking just under $18 million.

The properties spent an average of 396 days on the market and had an average discount of 11 percent from the original to the final asking price. [Olshan Realty] — Kevin Sun