There were 21 deals last week in Manhattan’s luxury market

Contracts last week were worth about $196M

11 West 12th Street and 11 Beach Street (Credit: Compass)
11 West 12th Street and 11 Beach Street (Credit: Compass)

Manhattan’s luxury market saw 21 contracts signed last week for a total of about $196 million, according to the latest report from Olshan Realty.

The contracts signed at $4 million or above were split between 15 condominiums, four townhouses and two co-ops. Total sales and dollar volume were both down slightly from the week before, when 27 contracts were signed for $199.5 million.

The top contract last week was for a townhouse at 11 West 12th Street, which had an asking price of $21.9 million, down from $28.5 million when it hit the market in May. The five-bedroom house spans about 9,700 square feet and was gut renovated in 2012.

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The second priciest deal was for a penthouse condo at HFZ Capital Group’s 11 Beach Street, which had an asking price of slightly less than $20 million, down from $22.5 million when the developer listed it in 2015. The four-bedroom unit spans about 6,000 square feet. Douglas Elliman’s John Gomes will be among the buyer’s neighbors.

The average asking price of a signed contract throughout the first quarter was about $8.8 million, which was the highest since at least 2005. Units also spent an average of 516 days on the market, the longest of any quarter.

Other contracts signed last week included a roughly $15 million townhouse at 253 West 18th Street and a $5.85 million co-op at 1115 Fifth Avenue.

The properties spent an average of 564 days on the market last week and had an average discount of 12 percent from the original to the final asking price. [Olshan Realty] – Eddie Small

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