After a buoyant start to 2017, Manhattan’s luxury property market appears to be starting to lose some steam.
Only 18 contracts were signed last week at $4 million and above, down from 24 the previous week and 26 in the first week of January, according to Olshan Realty’s weekly report released Monday.
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The first two weeks of January tied with 2014 as the strongest start of a new year since Olshan started keeping score of the market 11 years ago.
This past week was a disappointment after two robust weeks that started the new year," said Donna Olshan, president of Olshan. "But if you are one of those folks who looks at a glass as half-full rather than half-empty, that number is an improvement over the same week in 2016, when only 15 contracts were signed."
The No. 1 contract signed last week was a 5,973-square-foot duplex penthouse at 210 West 77th St. on Manhattan’s Upper West Side, asking $21.5 million.
It has five bedrooms, five-and-a-half bathrooms, a large living room with Juliet balconies and a 1,000-square-foot top-floor terrace.
Amenities in this new 18-story, 25-unit new condominium, developed by Naftali Group, include a doorman, fitness center, garage and a roof deck for tenants.
In second place was a four-bedroom apartment at 1110 Park Avenue (a new nine-unit condo built by Toll Brothers City Living) on the Upper East Side, asking $18.9 million, reduced from $25.75 million when it went on the market in October 2014.
The duplex apartment on the 10th and 11th floors has 5,617 square feet of space including four bedrooms and four-and-a-half bathrooms.
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Contracts on 14 condos and four co-ops were signed last week, while there were no takers for townhouses. The median asking price was $6.15 million, while the average discount from original ask to last asking price was 9%. The average number of days on the market, meanwhile, was 443.