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
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.
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.