Penthouse at 42 Crosby is biggest contract of the week with $25M ask

Deals are way down in 3rd quarter of 2016

Rendering of 42 Crosby Street (credit: CORE)
Rendering of 42 Crosby Street (credit: CORE)

The penthouse at 42 Crosby Street went into contract last week with an asking price of $25 million, making it the biggest residential contract of the week.

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The contract, at $4,722 per square foot, was one of 16 inked at $4 million or above last week and one of four that topped $20 million, according to Olshan Realty’s [TRDataCustom] latest report. The asking price of contracts signed last week totaled $159.9 million. But last week turned out to be a bright spot in what was a relatively gloomy third quarter for luxury residential real estate. Only 299 contracts worth $4 million or more were signed in the third quarter of 2016, a 16 percent drop from the same time last year. The report notes that the lackluster numbers reflect a luxury market that is no longer in hyperdrive but well into “correction mode.”

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The Annabelle Selldorf-designed duplex on Crosby Street, developed by Atlas Capital Group, spans 5,852 square feet, has five bedrooms and seven bathrooms. Sales launched in the 10-unit building just last week, and the penthouse was sold off of floor plans. CORE’s Shaun Osher and Adrian Noriega had the listing.

The second-biggest contract last week was a penthouse duplex at 215 Chrystie Street, which spans 4,300 square feet and has a 1,908-square foot roof terrace. The unit had an asking price of $23.5 million. [Olshan Realty]  — Kathryn Brenzel