Last week saw 24 luxury contracts signed, marking the eighth straight week of 20+ contracts signed at $4 million and above, according to Olshan's latest report. And while these consistent figures may seem like the luxury market is making a comeback, the report also notes that this first quarter saw 282 contracts signed, which is a 15% decline from the start of 2017. Days on the market also increased to 469 from 360 in 2017 – the highest total since Olshan began tracking the stat in 2011. Adding to that, there was a 10% average price drop from the original asking price before a contract was signed.
This year certainly has not had it easy with a 3,000-point drop in the stock market and the city experiencing 4 Nor'easters (almost 5) this past month, but Olshan contends this is the cherry on top of a luxury market that is simply way overpriced.
Last week's number 1 contract was unit #PHW at 72 Mercer Street, aka Mike Myers' penthouse. And even his "Austin Powers" couldn't get it to sell when it originally came on the market in 2015. He shaved off $3M from the original asking price and put it back on the market in November 2017. Spanning an impressive 4,204 square feet, the duplex penthouse has 4 bedrooms and 4.5 bathrooms, as well as a private roof deck.
From Carnegie Hill to SoHo, check out the top five listings that went into contract this past week.
This year certainly has not had it easy with a 3,000-point drop in the stock market and the city experiencing 4 Nor'easters (almost 5) this past month, but Olshan contends this is the cherry on top of a luxury market that is simply way overpriced.
Last week's number 1 contract was unit #PHW at 72 Mercer Street, aka Mike Myers' penthouse. And even his "Austin Powers" couldn't get it to sell when it originally came on the market in 2015. He shaved off $3M from the original asking price and put it back on the market in November 2017. Spanning an impressive 4,204 square feet, the duplex penthouse has 4 bedrooms and 4.5 bathrooms, as well as a private roof deck.
From Carnegie Hill to SoHo, check out the top five listings that went into contract this past week.
In this article:
4 beds, 4.5 baths | 4,204 ft2
This prime 3-4 bedroom Soho penthouse with private roof deck is perfectly positioned on a tranquil stretch of Mercer Street, the most desirable of all cobbled streets, in a newly built loft-style boutique condominium with a 24-hour doorman, designed by Traboscia Roiatti Architects to blend in with the distinctive historic architecture that surrounds it. Read more →
2 Available Listings from $4.5M
3 beds, 3.5 baths | 2,800 ft2
This Fifth Avenue condominium with dramatic Central Park, Reservoir and New York City skyline views is a sprawling and sun-filled home and has recently undergone a complete high-end renovation. The chic Entry Gallery, leads to the expansive corner Living Room which is surrounded with wrap-around, over-sized windows framing the spectacular view of Central Park and the Reservoir. Read more →
4 Available Listings from $2.275M
3 beds, 5 baths | 3,006 ft2
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Meticulously appointed by Parisian design firm Cabinet Alberto Pinto, Duplex Residence 11 at 27 East 79th Street offers 3 bedrooms, 5.5 baths, and open southern views over the landmarked mansions of the historic Cook Block and partial view of Central Park. Alberto Pinto hand-selected a range of opulent materials for the interior as well as the buildings elegantly appointed lobby and the Parisian-inspired facade. Read more →
4 Available Listings from $5.35M
4 beds, 3.5 baths | 5,041 ft2
Amazing opportunity to customize the last remaining Sponsor Unit at the Barbizon/63 Condominium. This 5,041 sq. ft., Pre-War Duplex, has the qualities, features & amenities of a brand new building. The unit is white-box ready, and awaits your personal selections to create something truly unique. Read more →
5 Available Listings from $1.85M
3 beds, 3 baths | 2,793 ft2
With outstanding proportions and an open layout comprising 2,793 square feet, this stunning private floor 3-bedroom, 3-bath home has been masterfully designed by Annabelle Seldorf to evoke an unparalleled sense of space and light. Read more →
1 Available Listing for $9.2M
See the full list at Olshan Realty Inc. →
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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Sandra Herrera
Sandra Herrera is a writer, editor, and graphic designer based in Brooklyn, NY.