Just 19 homes worth $4 million and above changed hands in Manhattan last week in what could be the first sign of a summer slowdown, according to Olshan Realty’s latest snapshot of the luxury market released Monday.
This was down from 24 the previous week, 33 the week of May 23 and 30 during the week of May 16. The average asking price last week was $12.7 million, while the average discount from the original asking price was 6%. The properties spent an average of 350 days on the market.
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The No. 1 contract was a penthouse in the Baccarat Hotel & Residences at 20 W.53rd St., which sold for $54 million. The original asking price when the property went on the market more than three years ago was $60 million.
This 7,381-square-foot duplex has five bedrooms and a 41-foot terrace with spectacular views of Central Park. Amenities include access to hotel services, concierge, doorman, valet, spa, a pool with private cabanas and the Chevalier restaurant located inside the building.
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The No. 2 contract was a Greek Revival home at 27 E.11th St., which sold for $29.9 million, reduced from $33.9 million. This five-story, 25-foot-wide house was purchased in 2013 for $11.8 million and then gut renovated. It has seven bedrooms, 10 bathrooms, an elevator, four wood-burning fireplaces, three gas fireplaces, a large landscaped garden, two terraces and a roof deck. The home had been on the market since October.
Donna Olshan, president of Olshan Realty, said: "Only 19 contracts were signed last week at $4 million and above, hardly a sterling number for the start of June. But if you are looking for a silver lining in the Manhattan market, here it is: Seven of the signed contracts were north of $10 million including one of the highest sales of the year."