Luxury market checks off another disappointing week of sales

49 contracts signed in the first 4 weeks of January, compared with 87 in 2015

The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)
The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)

New year, new market?

Not quite, according to the latest luxury report from Olshan Realty, which showed another disappointing week of contract signings for properties above $4 million last week.

The 15 signings, totalling $93.6 million, comprised 11 condos, two co-ops and two townhouses, the report said.

Overall, there were 49 contracts signed in the last four weeks, up from 48 last year but a huge drop from 87 in 2015. Donna Olshan, who authors the report, said brokers were hopeful for an uptick in the coming months.

“Usually the market picks up in the spring,” she said. “The weather is better and it’s just traditionally been the strongest quarter.”

“You generally are going to know where we’re at by March.”

The priciest signing last week was for a 3,164-square-foot penthouse at 15 Union Square West.

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Listed for $15.75 million in May, the duplex went into contract asking $14.5 million.

The building was in the news last week after a passerby was struck in the head by a lounge chair that flew off a 12th-floor balcony above.

The second highest signing was for unit NPH1 at 121 East 22nd Street, which was sold by the sponsor, Toll Brothers, asking $9.5 million.

The 3,046 square-foot unit features three bedrooms, two terraces and a rooftop space complete with an outdoor kitchen and a fire pit.

The average number of days on the market — 661 — reflected the reality of today’s market, where deals are taking longer to close and developers are coming up with creative concessions and price cuts to get buyers through the door.

In the last week, the average discount from the original asking price to the last asking price was 9 percent.

Write to Sylvia Varnham O’Regan at so@therealdeal.com