Manhattan’s luxury housing market finished 2016 with a "decent" number of multi-million dollar homes changing hands.
Fifteen contracts were signed for Manhattan homes priced at $4 million and above between Christmas Day and New Year’s Day, according to Olshan Realty, compared with just six in the same week a year earlier.
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"The Manhattan luxury real estate market ended the year not with a bang—but not with a whimper either," said Donna Olshan, president of Olshan, who added that this was "a decent total for a Christmas-New Year’s week."
With an asking price of $12.5 million, the top contract was 18B at 1049 Fifth Ave. on the Upper East Side, a pre-war building that started life back in 1928 as the Adams Hotel and was converted into a luxury white glove condominium in 1991.
This three-bedroom, three-and-a-half-bathroom condo has 2,925 square feet of space and views over Central Park. It last changed hands in 2012 for $10 million.
In second place was 15B at 212 Fifth Avenue, a 24 story pre-war office building close to Madison Square Park that has since been converted into 48 condos. Amenities include a doorman, concierge, fitness center, children’s playroom, and valet parking.
Asking $9.1 million, the corner unit has 3,078 square feet, including three bedrooms and three-and-a-half bathrooms. The living room and master also have views of Madison Square Park.
In its year-in-review report published last Monday, which tracked the year to date, Olshan found that there had been an 18% decline contracts over 2015. Co-ops suffered the most, with 25% fewer contracts at $4 million and above compared to 2015, signaling a continuing market shift in the luxury market to new condos.
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The report also found that it took more than two months longer to sell a luxury property in 2016 than in 2015, while the average price drop from listing to contract signing was 6%, up from 5% in 2015.