The holiday season is in full swing, but Manhattan’s luxury real estate market isn’t feeling the cheer. Eighteen contracts were signed last week at $4 million and above for a total sales volume of $174.23 million, according to Monday’s Olshan Report.
While the numbers are a significant drop from the previous week—which logged the highest sales volume of the year with $356.77 million in sales and 30 contracts signed—they’re not unusual. Eighteen contracts were signed during the same period in December 2016, Donna Olshan wrote in the report, but last year they totaled a slightly lower $164.02 million.
For the second week running, the top transaction was at 432 Park Avenue. The previous week saw a trio of contracts signed at the building, totaling around $120 million. This time, there wasn't quite the same shopping spree. Last asking $29.75 million, the 4,019-square-foot condo has three bedrooms, a library and Central Park Views.
The second priciest contract signed was for a penthouse unit at 101 West 78th St., a recent condo conversion across from the Museum of Natural History. The penthouse had an asking price of $23.5 million and its 4,742 square feet of interior space is beaten by its more than 6,000-square-feet of exterior space, which comes in the form of a wraparound terrace and rooftop space.
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Of the 18 contracts signed, 13 were condos, four were co-ops and one was a townhouse; no luxury condops sold last week.
The average asking price was $9.67 million and properties spent an average of 487 days on market.