Manhattan luxury contracts drag through July

Twenty-two contracts led by loss at Macklowe’s 737 Park Avenue

129 E 73rd Street and 737 Park Ave
129 E 73rd Street and 737 Park Ave (Google Maps)

Manhattan’s luxury market held steady in terms of signed contracts last week, but lost a little shine in terms of its bottom line. 

The combined volume of contracts signed between July 17 and 23 fell nearly $90 million from the previous period, according to Olshan Realty’s weekly report on homes asking $4 million or more. The second week of July marked a rush of activity for trophy properties, when 10 homes asking $10 million or more went into contract.

The number of contracts dipped to 22 from 24 recorded the previous week. 

The top contract last week was a townhouse at 129 East 73rd Street asking $27.5 million. 

The 22-foot-wide home, which spans roughly 12,000 square feet, listed in May. The owner bought it for $8.8 million in 2003 before renovating it in the following years. Annual real estate taxes are just under $187,000.

The home has seven bedrooms, nine bathrooms, eight fireplaces and three terraces. The top floor has a basketball court with a skylight that opens onto a rooftop terrace with a hot tub. 

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The second most expensive contract was for Unit 16E at Macklowe Properties’ and CIM Group’s 737 Park Avenue. 

The unit asked $11.9 million, down from just under $13 million when it listed at the end of October. The seller bought the apartment for nearly $17.4 million in 2014 from sponsor Harry Macklowe.

The condo spans nearly 3,900 square feet and has four bedrooms, 4.5 bathrooms, and a private elevator landing. The unit faces 71st Street and has a 360-square-foot terrace off the primary bedroom.  

Of the 22 homes that entered contract last week, 13 were condos, five were co-ops, three were townhouses and one was a condop. 

The homes’ combined volume was $162.4 million. The average asking price was $7.4 million and the median asking price was $5.8 million. The typical home spent 662 days on the market and received a 2 percent discount.

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