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Park Ave. co-op rings in the new year atop Manhattan luxury contracts
Contracts and volume fell in line with 10-year average for holiday week
![A photo illustration of 812 Park Avenue and 235 West 71st Street (Getty, Google Maps, Compass Real Estate)](https://static.therealdeal.com/wp-content/uploads/2023/01/main_NY_Olshan-Report_1.3.jpg)
Manhattan’s luxury residential market ended the year with a typical whimper.
Just 13 properties asking $4 million or more went into contract last week for a combined volume of $86.1 million, according to Olshan Realty’s weekly report on properties asking $4 million and above. That’s down from a combined volume of more than $224 million recorded the previous week.
The previous week’s total of 16 signed contracts marked the second-busiest Christmas week in the last decade behind last year’s boom of 42. The post-holiday drop puts the total number of contracts in line with the 10-year average for the last week of December, which is 14.
The most expensive listing to enter contract last week was a co-op at 5/6D at 812 Park Avenue with an asking price of $11.5 million.
The duplex apartment has four bedrooms, five and a half bathrooms and a staff room. A downstairs entertaining area includes a 25-foot living room with a fireplace that opens onto a nearly 300-square-foot formal dining room.
The unit was last purchased in 2013 for $8.5 million and has since been renovated.
Adam Modlin of the Modlin Group had the listing.
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![From left: 605 Park Avenue and 100 Barclay Street (Getty, LoopNet, Brown Harris Stevens)](https://static.therealdeal.com/wp-content/uploads/2022/12/ft_NY_Olshan-Report-12-150x106.jpg)
The second most expensive listing to enter contract was the fifth floor unit at 235 West 71st Street, last asking just under $9 million.
The 4,800-square-foot, full-floor, pre-war condo has five bedrooms and 4.5 bathrooms. It has a 28-foot entrance gallery and a 40-foot living room. The sellers bought the unit, along with a storage bin, in 2010 for $4.8 million. It has since been combined with four other apartments to create the full-floor unit in existence today.
The listing broker was Brown Harris Stevens’ Curtis W. Jackson.
Of the 13 units to enter contract last week, seven were condos, five were co-ops and one was a townhouse. The average asking price was $6.6 million and the median asking price was just under $6 million. The typical home was discounted by 4 percent and spent 357 days on the market.