Manhattan luxury market on track for worst January since 2012: Olshan

Market saw 11 contracts for $4 million or higher signed last week

62 Cooper Square (Credit: Google Maps)
62 Cooper Square (Credit: Google Maps)

Manhattan’s luxury market saw 11 contracts signed last week for a total of about $60.6 million, according to the latest report from Olshan Realty. This indicates that the market will likely finish the month with its lowest totals since 2012.

The contracts signed at $4 million or above were split between 10 condos and one co-op. The number of contracts dropped by one from the week before, and the dollar volume decreased by about $36.4 million.

The dollar volume was the lowest total since the first week of 2014, when it was at about $59.2 million, and not a single sale was for more than $10 million, which only happened once in the middle of November last year.

The top contract signed last week was for a condo at 62 Cooper Square, which was asking $9.5 million. The three-bedroom unit spans 6,700 square feet.

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The second priciest deal was for a condo at 275 West 10th Street, which had an asking price of $7.45 million. The three-bedroom corner unit spans 2,885 square feet.

Other contracts signed last week included a $6 million condo at 388 West Broadway and a $4.1 million co-op at 257 West 86th Street.

The properties spent an average of 599 days on the market and had an average discount of 11 percent from the original to the final asking price. [Olshan Realty] – Eddie Small