Manhattan luxe market notched 28 contracts at $4M and up last week: Olshan

May activity was lowest since 2012

Bruce Eichner, 45 East 22nd St, and 432 Park Ave
Bruce Eichner, 45 East 22nd St, and 432 Park Ave

Manhattan’s luxury residential market notched 28 contracts at $4 million and above last week, according to Olshan Realty’s weekly luxury market report. That caps off the month of May with 126 luxury contracts – the lowest total for the month since 2012.

So far through 2018, the number of contracts signed at $4 million and up is down 8 percent compared to last year, according to Olshan.

Macklowe Properties and CIM Group’s 432 Park Avenue recorded the priciest contract of the week for the second week in a row and the fifth time this year.

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Unit 65B had an asking price of $28.5 million, down 13 percent from the $32.5 million it was asking when it first hit the market in April 2017. The 4,019-square-foot corner condominium was originally purchased for $26.6 million in March 2016.

Ian Bruce Eichner, Fortress Investment Group and Dune Real Estate Partners’ 45 East 22nd Street pulled in the week’s No. 2 contract. The 4,651-square-foot condo on the building’s 55th floor had an asking price of $15.99 million, down 20 percent from the $20 million asking price it carried when it hit the market in October 2016.

The week’s luxury asking price sales volume totaled $224.91 million, with a median asking price of $6.68 million. Luxury homes spent an average of 334 days on the market, with an average discount of 7 percent from the original asking price to the final asking price. [Olshan]Rich Bockmann