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)
A photo illustration of 812 Park Avenue and 235 West 71st Street (Getty, Google Maps, Compass Real Estate)

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.

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Adam Modlin of the Modlin Group had the listing.

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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.