Luxury Co-op and Condo Sales Hit “Depressing” Low
A penthouse at 56 Leonard Street sold for $22 million – down from the ask of $30 (image via Google Maps).
Jan. 28, 2019 — High end sales are lowest since the Great Recession hit bottom.
How low can it go? Manhattan’s luxury market saw 12 contracts signed last week for a total of about $97 million, according to the latest report from Olshan Realty. It was the lowest total for the third week of January since 2012, when only seven contracts were signed, the Real Deal reports.
The contracts signed at $4 million or above were split between nine condos, two co-ops and one townhouse. The number of contracts dropped by one from the week before, and the dollar volume decreased by about $47 million. It was “a depressing total even for this time of year,” according to the report.
The top contract signed last week was for a penthouse unit at 56 Leonard Street, which was asking $22 million, down from $30 million when it went on the market in June 2017. The four-bedroom unit spans 5,492 square feet.
The second priciest deal was for a townhouse at 109 West 11th Street, which had an asking price of $11.65 million. The five-bedroom home spans 4,100 square feet and includes a landscaped garden.
Other contracts signed last week included a $10 million condo at 500 Greenwich Street and a $5.85 million co-op at 885 Park Avenue. The properties spent an average of 747 days on the market and had an average discount of 14 percent from the original to the final asking price. Depressing, indeed, if you’re trying to sell one of these pricey properties.