Luxury contracts fall below 20 for fifth straight week: Olshan

Penthouse asking $65M at 70 Vestry could shatter downtown record

Related's Jeff Blau and 70 Vestry
Related's Jeff Blau and 70 Vestry

The city’s luxury market is in the doldrums, but of the few contracts that are being signed, one may just be a Downtown record.

The priciest contract signed last week went to the five-bedroom PHS at the Related Companies’ 70 Vestry Street in Tribeca, which was asking $65 million, according to Olshan Realty’s weekly market report.

If the unit closed anywhere near that price, it would blow past the Downtown record of $50.9 million for the penthouse at Walker Tower at 212 West 18th Street, which was set in January 2014.

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Otherwise, the week of July 24-30 was pretty lame, as just 17 contracts were signed at $4 million and above, making it the fifth week in a row that the number of sales failed to top 20, according to Olshan.

The No. 2 contract was a condo at HFZ Capital Group’s [TRDataCustom] Marquand at 11 East 68th Street, which was asking $10 million.

Luxury properties were on the market for an average of 439 days, and the average discount from original ask to last asking price was up 6 percent, according to Olshan. The Median asking price was $5.5 million. [Olshan]Rich Bockmann