Spring awakening? Manhattan luxury market saw a big spike last week: Olshan
There were 26 contracts for $4 million or higher signed last week
Manhattan’s luxury market saw 26 contracts signed last week valued at roughly $245 million, according to the latest report from Olshan Realty. This was the first week in 2019 to see more than 20 deals, after a thoroughly lackluster start to the year.
The contracts signed at $4 million or above were split between 14 condos, eight co-ops, one condop and three townhouses. The number of contracts increased by ten from the week before, while dollar volume more than doubled, reaching nearly $245 million.
The top two contracts were both for properties on the Upper East Side. The top contract was a penthouse unit at the Marquand, with Eli Hirschfeld’s company selling the unit it bought for $37.4 million. Hirschfeld Properties told The Real Deal that they didn’t take a loss on the unit, which was last asking $36 million. The prewar triplex spans 7,058 square feet including 6 bedrooms, 7 bathrooms, 4 fireplaces, and 4 terraces.
The second priciest deal was for a townhouse at 11 East 82nd Street, which had an asking price of $29.5 million, down from $44 million when it went on the market in November 2017. The sellers were Broadway producers Janet and Howard Kagan, who bought the 25-foot-wide limestone house for $24.45 million in October 2009.
The properties spent an average of 396 days on the market and had an average discount of 11 percent from the original to the final asking price. [Olshan Realty] — Kevin Sun