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%.
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"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.
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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.