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Luxury new development contracts dip in Manhattan
Typical homes sold at 8% discount
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Another 28 units went into contract last week in Manhattan’s luxury market, one more than the week prior.
It marks the fourth straight week that more than 25 units asking $4 million or more have entered contract, according to a weekly report from Olshan Realty.
Manhattan’s luxury market has seen five fewer units go into contract in that price range this year compared to last.
That could be due to a 24 percent drop in sponsor deals over that timeframe, with just 67 this year compared to 88 last year. A decline in new construction inventory may be to blame for the drop, according to Olshan.
The most expensive unit to enter contract last week was 29B at 1 West End Avenue, the last sponsor unit in the building, with an asking price just under $18 million, down from $19.5 million. The 5,300-square-foot duplex condo has four bedrooms and 5.5 bathrooms. It also has a 33-foot great room with double-height ceilings that opens onto a 3,300-square-foot terrace.
The 245-unit condo building, which started marketing in 2015, has 35,000 square feet of amenities, including a 75-foot swimming pool, spa and fitness center.
The second most expensive unit to go into contract last week was 50W at 50 West 66th Street, with an asking price of $17.7 million. The three bedroom, 3.5 bathroom condo spans 2,800 square feet and has a 140-square-foot loggia that overlooks Central Park.
Amenities in the 122-unit building include an indoor lap pool, an outdoor saltwater pool, a jacuzzi, and basketball and pickleball courts. Closings are expected to start later this year.
Of the 28 units to enter contract last week, 20 were condos, four were co-ops and four were townhouses. The homes’ combined asking price was $197.2 million, which works out to an average price of $7 million and a median price of $6.2 million. The typical home spent 641 days on market and received an 8 percent discount.
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