Big discounts are driving Manhattan’s most expensive luxury home sales, according to the Olshan Report on Monday.
Twenty-eight homes priced over $4 million went into contract in the week ending Sunday, according to the weekly report by Olshan Realty. They had an average discount of 5%—but the biggest price negotiations were at the top of the market.
The most expensive homes to find buyers last week were apartments on the 52nd and 61st floors at One57 on Billionaires Row in Midtown, and had an average discount of 15%.
The 52nd-floor unit, which has five bedrooms and spans 5,475 square feet, was originally priced at $31.75 million but will reportedly close for around $24 million, according to the report.
Likewise, the buyer of the 61st-floor unit, which interior designer Jeffrey Beers decorated with custom furnishings as a model apartment for One57, also negotiated the price down to about $24 million from $29 million. The Extell-developed supertall building has 36 sponsor units left on the market, according to Olshan.
“The spring condo market has been getting a boost thanks to some developers who have been negotiating healthy discounts north of 10%,” wrote Donna Olshan, president of Olshan Realty and author of the report.
Of the 28 contracts signed, 22 were for condos, five were co-ops and one was a townhouse. The activity last week totaled $260 million in contracts signed.
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