The Manhattan luxury market just had its busiest week since the summer

Market saw 28 contracts for $4 million or higher signed last week

TRD New York /
Feb.February 25, 2019 08:30 AM

1 Sutton Place and 207 West 79th Street

Manhattan’s luxury market saw 28 contracts signed last week for a total of about $213 million, the strongest week the market has seen since the third week of June, according to the latest report from Olshan Realty.

The contracts signed at $4 million or above were split between 16 condos, six co-ops and six townhouses. The number of contracts increased by two from the week before, while the dollar volume decreased by about $32 million.

The top contract last week was for a townhouse at 1 Sutton Place, which was asking $18.5 million, down from $21 million when it hit the market in September. The six-bedroom house spans, owned by the estate of Drue Heinz, 7,000 square feet and includes six fireplaces and a garden. The second priciest deal was for the penthouse at 207 West 79th Street, which had an asking price of $14.25 million, down from $15.45 million when it was listed back in March 2017. The condo spans 4,336 square feet and includes four bedrooms and a library.

Although the luxury market has seen a strong past two weeks, overall, the first two months of the year are still on track to see a 23 percent drop in luxury contracts compared to last year, according to Olshan.

Other contracts signed last week included a roughly $12 million townhouse at 10 East 92nd Street and a $6.5 million co-op at 510 Park Avenue.

The properties spent an average of 488 days on the market and had an average discount of 11 percent from the original to the final asking price. [Olshan Realty] – Eddie Small

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