The dearth of co-op sales continues in Manhattan as wealthy buyers have their heads turned by new condos, and the impressive amount of amenities that come with them.
While 15 contracts were signed last week at $4 million and above, the same as in the previous week, there were once again no co-op sales, according to Olshan Realty. This was the second week in a row—and the fourth time this year— that not a single co-op went to contract in Manhattan at this price range.
“We haven’t seen such a dearth of co-op sales since 2012, when there were six weeks of zero luxury co-op contracts,” said Donna Olshan, president of Olshan Realty.
She previously told Mansion Global that co-ops are becoming increasingly unpopular as the younger audience does not value the snob appeal of many Park, Fifth and Central Park West co-ops.
In particular, she believes that a co-op run like a private club just “doesn’t cut it” anymore with many young affluent buyers as they want amenities, space and they don’t want to be dictated to.
The No. 1 contract last week was 4,624-square-foot, five-bedroom apartment at 252 East 57th Street, asking $12.95 million. It boasts views of Central Park and the East River. The No. 2 contract was the 14th floor at 944 Park Avenue, asking $11.995 million, reduced from $14.950 million when it went on the market in April 2015. This 3,381-square-foot condo has four bedrooms and four-and-a-half bathrooms. The unit was bought in 2006 for $8.75 million and then renovated.
|Average asking price||$6,990,667|
|Average discount from original ask to last asking price||5.00%|
|Average days on market||277.00%|
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