Luxury resi market holds steady at 18 contracts above $4M

432 Park notches priciest deal for second week in a row

Harry Macklowe with 432 Park and Tom Shapiro with 101 West 78th Street
Harry Macklowe with 432 Park and Tom Shapiro with 101 West 78th Street

The luxury residential market recorded 18 contracts at or above $4 million last week, the same tally from the same period last year, according to Olshan Realty’s weekly luxury market report.

For the second week in a row, a unit at CIM Group and Macklowe Properties’ 432 Park Avenue notched the priciest contract: a 4,019-square-foot condo asking $28.75 million.

GTIS Partners’ condo conversion of the 1886 rental building at 101 West 78th Street saw the second most-expensive deal. A buyer went into contract on a 4,742-square-foot penthouse with an asking price of $23.5 million, according to Olshan.

GTIS in May had the New York State Attorney General’s office declare the 28-unit project’s condo plan effective, with a projected total sellout of $181.8 million. The developer took over the project, which sits across the street from the American Museum of Natural History, from Margaret Streicker Porres’ Newcastle Realty Services in 2015.

The total asking-price sales volume for the week came in at $174.23 million, with a median asking price of $6.85 million. Luxury units spent an average of 487 days on the market, and the average discount from original to last asking price stood at 8 percent. [Olshan] – Rich Bockmann

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