A respectable number of multi-million dollar homes changed hands in Manhattan last week, but overall luxury properties are sitting on the market longer.
In its weekly snapshot of Manhattan’s luxury housing market, real estate brokerage Olshan Realty found that 29 contracts were signed last week at $4 million and above, five more than the previous week.
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However, Olshan stressed that the headline-grabbing number masked underlying problems—particularly the average time a property spent on the market.
"One is tempted to paint a rosy forecast for the spring, but let’s not overlook a cloud or two on the horizon," said Donna Olshan, president of Olshan. "Year-to-date, the average days on market is 415, a 32% increase over the same period in 2016."
The moral, said Ms. Olshan, is that sellers who lower their prices to a realistic level "are more often than not rewarded with a sale."
The most expensive home to change hands last week was a penthouse at 4 East 72nd St. on Manhattan’s Upper East Side, asking $13.995 million, although the final price won’t be known until the sale has closed.
It was the first time in almost half a century that the home had been on the market, according to the listing, and it was snapped up within two weeks.
This nine-room duplex co-op has southern views and angled peeks of Central Park from wrap-around terraces on both floors, but needs to be completely renovated.
In second place was a 3,699-square-foot, four-bedroom condo at 30 Park Place, asking $13.6 million. It has panoramic views of the city and is one of the 157 condos that sit atop the Four Seasons Hotel, which opened in October and covers the bottom 22 floors of the building.
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At 937 feet and 82 floors, the limestone building designed by Robert A.M. Stern is one of the tallest residential towers in lower Manhattan. The veteran developer himself even bought a penthouse on the 80th floor.
