Luxury market strikes back: Olshan

Posted on: October 19, 2015

Source: The Real Deal
Author: Ariel Stulberg

Manhattan’s luxury market shook off its late-summer and early-fall doldrums, with a whopping 31 contracts signed last week for properties $4 million and up, according to Olshan Realty’s weekly luxury market report.

Luxury market strikes back: Olshan

Totals were the strongest since mid-July, and a strong improvement on last week, when 21 new contracts were signed, which itself was an increase from the 13 and 10 contract signed in the previous weeks. Condominium units dominated the luxury market this week, with 24 of the 31 listings falling that category.

Median asking price also ticked up between Oct. 12 and 18, to $6.2 million, up from $5.75 million last week. Units sold this week spent an average of 327 days on the market, a leap from last week’s 207 days.

Luxury market strikes back: Olshan

The top listing this week a $45 million unit consisting of the lower four floors of the Atterbury Mansion at 33 East 74th Street on the Upper East Side. The building is part of Daniel Straus’ nine-building assemblage, known as Whitney Condos. The apartment is just over 10,000 square feet, and features a 536-square-foot terrace. Straus bought the mansion five years ago from the Whitney Museum of Art, paying $95 million.

The second largest contract was the penthouse unit at Delos Living’s 66 East 11th Street in Greenwich Village, which asked $30.5 million, reduced from $50 million when it first hit the market in Aug 2013. The triplex unit is 7,693 square feet, with four bedrooms, three powder rooms and an impressive 2,300-square-foot rooftop terrace. The building, converted from a former dress factory by the wellness-conscious developer, features Vitamin C-infused showers, purified air and water, posture supporting flooring and a circadian lightning design. [Olshan]