Manhattan luxury deal streak continues for 9th week

34 contracts on properties asking $4M or more were signed

New York /
Apr.April 05, 2021 06:00 PM
166 Duane Street, PHB and 69 East 82nd Street (Elliman, Google Maps)

166 Duane Street, PHB and 69 East 82nd Street (Elliman, Google Maps)

There was no holiday slowdown when it came to Manhattan’s luxury market.

Last week there were 34 contracts signed, down from 47 the week before, according to Olshan Realty’s weekly report on deals for Manhattan homes asking $4 million or more.

It marked the ninth straight week where there were more than 30 luxury contracts signed. The nine-week streak has seen more than $2.86 billion worth of transactions across 340 contracts. The average discount from the initial ask to the final ask (or the starting point where buyers began their negotiation) was 11 percent.

Donna Olshan, author of the report, said the luxury market is “still holding up very well.” But she cautioned that the elevated number of deals does not mean that high prices will be tolerated.

“This is still a market that is defined by New York area buyers who are looking for a deal,” she said. “It’s not ready at this point to tolerate some big price moves.”

Last week, the average listing discount across the 34 deals was 13 percent with an average of 657 days on the market. Most of the deals — 21 — were for condos, while nine co-ops and four townhouses went into contract for a median final ask of $7.1 million.

The top contract in the borough was for a Tribeca penthouse at 166 Duane Street last asking $17.5 million. The duplex, which spans 6,100 square feet, was initially listed in July. The unit has five bedrooms, a 36-foot great room and 23-foot by 38-foot terrace.

The second most expensive contract was for a 20-foot-wide Upper East Side townhouse. The home spans 5,400 square feet with a rear garden and rooftop terrace. The five-story property has six bedrooms and was recently renovated by architect Peter Pennoyer and designer Katie Ridder. The home was listed in July for $16.4 million. After 256 days on the market, it went into contract asking $15.25 million.





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