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Holiday Effect on Manhattan’s Luxury Housing Market Finally Kicks In

Only 18 homes over $4M went into contract last week

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The Manhattan skyline.

Harri Jarvelainen / Getty Images
The Manhattan skyline.
Harri Jarvelainen / Getty Images

After two strong weeks, it appears that the holiday season is finally slowing down Manhattan’s luxury housing market.

Only 18 homes changed hands last week after two straight weeks of at least 30 contracts signed at $4 million and above, according to Olshan Realty’s weekly report released Monday.

More:Upper East Side Townhouse, Downtown Penthouse Top List of Priciest Sales in Manhattan

The top contract was a 5,893-square-foot, five-bedroom penthouse at 50 United Nations Plaza in Turtle Bay, asking $24.25 million. It has a 73 foot living room, a dining room, and a library overlooking the East River.

The apartment is in a new 88-unit condo designed by Foster+Partners, home of Pritzker Prize-winning architect Sir Norman Foster.

However, this is not the most expensive penthouse for sale at the building, which is being developed by the Zeckendorf brothers, who also constructed 15 Central Park West.


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They are currently marketing a 10,000-square-foot duplex penthouse with a private swimming pool and elevator, asking $70 million.

Amenities at the building include a 75-foot swimming pool, fitness center, children’s playroom, conference facilities,, garage, and valet parking.

In second place was the ninth floor at 4 East 72nd St. on the Upper East Side, asking $17.5 million. This price was down significantly from $25 million when it went on the market in April 2015.

This 14-room prewar co-op has six bedrooms, five-and-a-half bathrooms, and five fireplaces, although the apartment is in need of a renovation, according to Olshan.

Overall, the median asking price in Manhattan’s luxury housing market last week was $6.375 million, while the average discount from original ask to last asking price was 11%. The average number of days on the market was 321.

More:Manhattan Townhouse of Billionaire Art Dealer Relists for $10M Discount

During the previous week the median asking price was $6.942 million, while the average discount from original ask to last asking price was  3% and average days on the market was 449.