Manhattan luxury market’s first quarter back to average

First-quarter grades are in for Manhattan luxury real estate, and the market finished with an unremarkable average amount of activity. 

The period counted 313 contracts signed for homes in the borough asking $4 million or more, according to Olshan Realty’s weekly report, ranking it fifth for activity over the past 10 years. If the average pace seems slow, it’s because last year’s first quarter counted a record 416 contracts signed. 

The priciest contract signed last week was for a property that includes two townhouses, sold by the same owner. The homes at 15 and 17 East 77th Street went into contract asking $32.5 million, down from $38 million when they were first listed a year ago. 

Both homes, which need to be renovated, are five stories and just under 17 feet wide. They combine for nearly 9,800 square feet. The seller bought the houses between 2010 and 2012 for $22.5 million.

The second most expensive home to enter contract last week was unit PH at 993 Fifth Avenue, with an asking price just under $20 million, down from $39.5 million when it was listed at the end of June. 

The duplex penthouse co-op, which has not been renovated, has four bedrooms and 4.5 bathrooms and a total of 12 rooms. 

The downstairs has a 40-foot living room, gallery and formal dining room, which all open onto a 51-foot terrace overlooking Central Park. Three of the four bedrooms are on the second floor, surrounded by terraces. 

Of the 32 homes to enter contract last week, 21 were condos, eight were co-ops and three were townhouses. 

The homes combined for nearly $265 million in asking price volume. The average asking price was $8.3 million and the median was $6 million. The typical home received a 16 percent discount and spent 799 days on the market.

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