37 contracts signed as city’s luxury market picks up steam

11 contracts were for pads priced over $10M: Olshan

30 Park Place, PH 78A and 157 West 57th Street, 65A
30 Park Place, PH 78A and 157 West 57th Street, 65A

A total of 37 contracts were signed on New York City’s most expensive pads last week, the highest weekly total for the year.

The weekly asking price sales volume was $339.8 million, which is also a record for 2017, according to the weekly report from Olshan Realty. Ultra-luxury properties performed well last week, the report shows, with 11 contracts signed on pads asking more than $10 million.

Out of the 37 contracts, 23 were for condominiums (with an average ask of $9.2 million). There were 10 contracts on co-ops ($9 million) and four were for townhouses ($10.4 million). However, the average property was discounted 14 percent from its original asking price before it went into contract, according to Olshan, and the average days on market was 421.

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The top contract was on Penthouse 78A at Silverstein Properties30 Park Place, asking $30 million. Originally asking $32.5 million, the duplex condo has five bedrooms and six full bathrooms across 6,128 square feet. The building amenities include a children’s playroom, a screening room, a gym, a common area and a private dining room.

The No. 2 contract was on apartment 65A at Extell Development’s One57, asking $24.9 million — down from its original $35.5 million price tag. Designed by Christian de Portzamparc, the 4,483-square-foot apartment has three bedrooms and four full bathrooms, along with a 56-foot living dining. The property is being sold at a loss, according to Olshan, because the owner paid $29.3 million in December 2014, and financed the purchase with a $23.5 million mortgage.

According to Olshan Realty, the median asking price last week was $6.7 million. In the second week of March last year, 28 contracts were signed in the over-$4 million market. [Olshan]Miriam Hall

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