Manhattan’s super luxury housing market last week had the highest number of sales so far this year.
According to Olshan Realty’s latest snapshot of the $4 million-plus market, 37 contracts were signed. This was up from 28 during the previous week.
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On top of that, those 37 signed contracts yielded almost $340 million—the highest amount of the year— with 11 of the homes boasting over-$10 million price tags (though the final purchase prices won’t be made public until the sales close).
Donna Olshan of Olshan Realty said the increased momentum was partly due to sellers becoming more realistic on pricing against a backdrop of oversupply of new condos; a strong stock market also played its part, she said.
"The average property was discounted 14% from its original asking price before it went into contract. It took an average of 421 days on the market for sellers to reach the conclusion that their property was overpriced," said Ms. Olshan. "And a tip of the hat to a robust stock market, which also played a part in luring buyers off the sidelines."
The top two contracts were in condos built above hotels. In first place was a 6,127-square-foot, five-bedroom penthouse at 30 Park Place, asking $30 million, and reduced from $32.5 million.
The duplex condo in the new 80-story limestone building designed by Robert A.M. Stern boasts a 427-square-foot terrace and panoramic views of the city and the Hudson River.
The building has a Four Seasons Hotel on the bottom 22 floors and 157 condos above. At the end of last year the building’s developer, Larry Silverstein, picked up a penthouse with a pool for a reported $34 million.
The No. 2 contract was an apartment at One57 on Billionaire’s Row, asking $24.95 million, reduced from $35.5 million when it went on the market in October 2015.
The unit is being sold at a loss as the owner paid $29.329 million in December 2014 and financed the purchase with a $23.5 million mortgage, according to Olshan. It has 4,483 square feet, including three bedrooms and Central Park views from the 56-foot living room.
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The 90-story, 90-unit condo, built above the five-star Park Hyatt hotel, was designed by Pritzker Prize-winning architect Christian de Portzamparc. Amenities there include use of hotel services, a fitness center, pool, private dining, a library lounge, performance space and a garage.