Manhattan luxury home market off to worst start in seven years

Slow fortnight in luxury sales called "worrisome"

New York /
Jan.January 13, 2020 01:09 PM
118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

118 East 76th Street and developer Joseph Chetrit (Credit: Google Maps and Getty Images)

The first two weeks of January saw just 19 contracts signed for Manhattan homes asking at least $4 million — the fewest in that time period since 2012, when 13 such deals were reached.

For context, 50 contracts were signed in the first two weeks of both 2014 and 2017.

Developer Joseph Chetrit topped last week’s luxury list, finding a buyer for his brownstone at 118 East 76th Street after more than two years of trying.

His 13,000-square-foot property two blocks from Central Park went into contract last week with an asking price of $39 million. It was one of six brownstones Chetrit bought from Lenox Hill Hospital in 2007 that he later combined into three homes.

The contract was the priciest last week, according to the latest luxury market report from Olshan Realty, which tallied 11 signings for homes asking above $4 million.

“I can’t say that two weeks are going to make a difference, or call a market. I would never do that,” said Donna Olshan, who head the firm. “But it’s worrisome.”

The second priciest signing last week was for 33 West 74th Street, which went into contract asking $8.845 million. It was initially listed for $9.495 million in April of last year.

The 20-foot-wide property, which is divided into two units, features nine bedrooms, six bathrooms and two kitchens. A handsome wisteria vine that drapes over the facade blossoms purple flowers in the spring.

The total sales volume of all the contracts — for eight condos and three townhouses — was $98.45 million, with an average discount of 7% between original and final asking price.

The average number of days on the market was 905.

Write to Sylvia Varnham O’Regan at [email protected]


Related Articles

arrow_forward_ios
Confidence is lowest in the Northeast and Midwest, at 73 and 70. (iStock)
Homebuilder sentiment slides to 10-month low in June
Homebuilder sentiment slides to 10-month low in June
Elon Musk and the San Francisco estate (Getty, Gullixson / Compass)
Elon Musk relists San Francisco mansion for $38M
Elon Musk relists San Francisco mansion for $38M
Daniel Humm and 40 Fifth Avenue (Getty, Google Maps)
Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
Opendoor CEO Eric Wu (Getty, Opendoor)
Opendoor expands to Miami, 5 additional markets
Opendoor expands to Miami, 5 additional markets
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
The Closing: Janice Mac Avoy
From left: One57 and HNA Group’s Chen Feng, 15 Hudson Yards, 188 E 64th Street and Barry Skolnick (Photos via Getty, StreetEasy, 15 Hudson Yards)
Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
The $8.9 million Mill Basin property (Bergen Basin Realty)
Massive Mill Basin townhouse tops Brooklyn contracts
Massive Mill Basin townhouse tops Brooklyn contracts
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
Meet the 20-somethings funneling their crypto millions into real estate
arrow_forward_ios

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

Loading...