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Luxury report: Patience pays off for buyer of $20M penthouse

Unit one of 14 contracts signed last week for homes above $4M

37 East 12th Street and 262 Central Park West (Google Maps, iStock)
37 East 12th Street and 262 Central Park West (Google Maps, iStock)

A Manhattan penthouse that has been on the market since 2015 has finally found a buyer — the priciest listing to go into contract last week.

The triplex condo at 37 East 12th Street, which has four bedrooms and four and a half bathrooms, cycled through several brokerage firms before it went into contract asking $19.95 million — down from the original listing price of $33.5 million.

It was one of 14 deals last week for Manhattan properties asking above $4 million, two fewer than the week before, according to the latest market report from Donna Olshan. Though the numbers seem lackluster, Olshan noted they were close to those in the same time period over the past three years.

“It is a typical January week,” she said, “but nothing these days feels typical.”

Douglas Elliman broker Andrew Anderson represented the East 12th Street buyers, a New York family. Anderson told Olshan they had seen the apartment a year ago and submitted an offer, checking in over the ensuing months as the brokers came and went. “Once they adjusted the price, we submitted another offer and this time got a different reaction,” he said.

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“The sharper you price the product, the faster it sells,” he added.

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The second priciest listing to find a buyer last week was for a penthouse apartment at 262 Central Park West asking $19.75 million. The unit has three bedrooms, four and a half bathrooms and a 2,500-square-foot terrace.

“The terrace was unlike anything I’ve ever seen,” said Douglas Elliman’s Shari Scharfer Rollins, who listed the property with Sabrina Saltiel.

“Someone can move into the apartment or renovate it to their own taste,” she added. “It’s been well maintained.”

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Condo MarketDonna Olshan