January 23, 2017
As sales slow, the most expensive contract signed last week was an Upper West Side penthouse
After a buoyant start to 2017, Manhattan’s luxury property market appears to be starting to lose some steam.
Only 18 contracts were signed last week at $4 million and above, down from 24 the previous week and 26 in the first week of January, according to Olshan Realty’s weekly report released Monday.
The first two weeks of January tied with 2014 as the strongest start of a new year since Olshan started keeping score of the market 11 years ago.
This past week was a disappointment after two robust weeks that started the new year,“ said Donna Olshan, president of Olshan. “But if you are one of those folks who looks at a glass as half-full rather than half-empty, that number is an improvement over the same week in 2016, when only 15 contracts were signed.”
The No. 1 contract signed last week was a 5,973-square-foot duplex penthouse at 210 West 77th St. on Manhattan’s Upper West Side, asking $21.5 million.
It has five bedrooms, five-and-a-half bathrooms, a large living room with Juliet balconies and a 1,000-square-foot top-floor terrace.
Amenities in this new 18-story, 25-unit new condominium, developed by Naftali Group, include a doorman, fitness center, garage and a roof deck for tenants.
In second place was a four-bedroom apartment at 1110 Park Avenue (a new nine-unit condo built by Toll Brothers City Living) on the Upper East Side, asking $18.9 million, reduced from $25.75 million when it went on the market in October 2014.
The duplex apartment on the 10th and 11th floors has 5,617 square feet of space including four bedrooms and four-and-a-half bathrooms.
Contracts on 14 condos and four co-ops were signed last week, while there were no takers for townhouses. The median asking price was $6.15 million, while the average discount from original ask to last asking price was 9%. The average number of days on the market, meanwhile, was 443.