Luxury Manhattan co-ops are coming off their busiest week in the last six years, with contracts for 14 units over $4 million signed, according to the latest Olshan Report published on Monday.
An average of four co-ops found buyers each week in 2016; while the weekly average was closer to six co-ops in 2015, according to data from past Olshan reports, released each week by Donna Olshan, president of Olshan Realty. That makes 14 co-op contracts between March 20 and Sunday superlative, reflecting an overall strong luxury sales environment.
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Across all unit types, Manhattan luxury home buyers signed 31 contracts last week. The total number of contracts signed so far this year stands at 330, one-third more than were signed in the first quarter of last year, according to the report.
Luxury transactions have totaled $2.5 billion so far this year, compared to $1.9 billion in the first quarter last year. The peak year was 2015, with nearly $3 billion in luxury contracts in the first quarter.
"A couple of factors contributed to the lofty stats: a relief rally in the stock market, and more sellers finally willing to negotiate," wrote Ms. Oshan in the report. Indeed price concessions have fueled many of the transactions this year.
The crop of homes that found buyers last week had languished on the market, on average, more than a year, and took an average discount of 7% from their original asking prices before going into contract, according to the report.
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Last week, the most expensive unit to go into contract in Manhattan was for a 80th-floor condo in 432 Park Avenue, the tallest residential building in the city, at an asking price of $44.25 million. The unit spans 5,421 square feet and has four bedrooms.
A duplex condo at 155 E. 79th St. rang in as the second priciest unit at $14.1 million. The condo has five bedrooms and 4,292 square feet.