Holiday slump: Few contracts inked for luxury apartments in late December

Top pad to go into contract last week was at 432 Park

From top: 432 Park Avenue and 160 70th Street
From top: 432 Park Avenue and 160 70th Street

As expected, the holiday weekend was a bit slow for contracts signed at $4 million and up.

Only 11 deals at this price point were inked between Dec. 25 and 31, with an average asking price of $13.3 million, according to the latest report by Olshan Realty. Two penthouses at Macklowe Properties and CIM Group’s 432 Park Avenue took the top spots of the week, with asking prices of $40.25 million and $39.75 million. A five-story brownstone at 160 East 70th Street was the third most expensive contract signed with an asking price of $10.2 million.

Earlier in the month, an unknown buyer picked up three apartments at 432 Park for $91.1 million, marking the priciest deal at the property to date. According to Olshan, eight contracts were signed at the luxury tower in December, totaling $232 million.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The week leading up to Christmas was also slow, with only 10 contracts signed at $4 million and up. This represented a 41 percent drop from the same time last year, when 17 contracts were signed.

The total weekly asking price sales volume last week was $146.4 million, while the median asking price was $7.5 million. The average number of days spent on the market was 490. [Olshan] — Kathryn Brenzel