Price negotiability was a big factor in getting deals done in Manhattan’s luxury real estate market last week, according to Monday’s Olshan report.
There were 24 contracts signed on properties priced at $4 million and above—the weekly report’s benchmark for luxury—in the week ending Sunday, and prices were discounted from their original ask by an average of 11%.
“The increasing negotiability is the single biggest factor in motivating buyers off the sidelines,” wrote Donna Olshan in the report, “underscoring the fact that it all comes down to… price.”
A condo and a townhouse tied for the honor of being the week’s most expensive contract signed in Manhattan. Both were asking $18.75 million and both are selling for less than their respective owners paid, according to the report.
The condo is at 20 West 53rd St. in the Baccarat Hotel and Residences. The 4,545-square-foot unit has four bedrooms and 360-degree views of the city. The most recent asking price is below the $20.62 million paid for the home in May 2015 and less than the $21.5 million it was first asking when it hit the market in April 2017, property records show.
The townhouse is a 25-foot-wide limestone property at 39 East 67th St. that was once owned by publishing magnate Arthur Scribner, the report said. The most recent asking price was reduced from the $31 million it was first listed for in May 2016. It last sold for $22.5 million in October 2014, property records show.
Those 24 contracts signed made for a total of $187.3 million in sales, the report said.
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