The 27 contracts signed last week for luxury homes in Manhattan underscored the strength of the “affordable luxury” segment, according to the latest Olshan Report published Monday.
Only two contracts for luxury units signed in the last week of April were for homes north of $10 million, the weekly roundup by Olshan Realty said. The brokerage defines luxury homes as those priced at $4 million and above.
“If you are looking for the real strength in the luxury market, it is in the $4 to $6 million range,” wrote Donna Olshan, president of the brokerage.
Even the top contract was a modest-by-market-standards $14.8 million—for a two-bedroom, two-and-a-half-bathroom condo in the celebrity-filled 15 Central Park West. The pending sale is a 22% markdown from the original asking price of $19 million.
The other sale that topped $10 million is a duplex, also on the Upper West Side, in contract with an asking price of $10.795 million. The two-floor, 4,500-square-foot condo on West 78th Street has five bedrooms and four-and-a-half bathrooms.
A unit with some old Hollywood pedigree was among the crop of luxury homes that went into contract last week. The long-time refuge of the famously paparazzi-shy actress Greta Garbo found an all-cash buyer last week and went into contract with an asking price of $5.95 million. The unit was in the private and exclusive Campanile co-op on the East Side with views overlooking the East River. Garbo’s heirs have owned the home since her death in 1990, at the age of 84.
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