Central Park West NYC Manhattan

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The number of transactions recorded last week in Manhattan’s luxury market — that is properties sold for $4 million and above — reached a record high for the first week of February, according to New York brokerage Olshan Realty. In fact, last week’s number was so high that it was more than the previous two weeks’ number of transactions combined.

Thirty-four contracts were signed during the week of January 30th through February 5th, the largest total for a first week of February since Olshan began tracking luxury sales in 2006. And the majority of sales were at the lower-end of the luxury market — between $4 million and $5.5 million, says Olshan.

The top sale last week was made up of two contracts signed by the same buyer for two units at 211 Central Park West for a total of $13.6 million. The building is known for its large pre-war apartments and celebrity owners, like Jerry Seinfeld.

Last week’s number two contract was for a unit at 212 West 18th Street for $11.5 million. The unit was re-listed by the owner, who paid $11.4 million for the unit in March 2014. Originally listed at $15.65 million in December 2014, the unit went through several price reductions before going to contract last week. Some of the building’s impressive amenities include a landscaped common roof deck with a dining area, sun lawn, observation area and a covered cabana.

The total weekly asking price sales volume totaled $212.7 million. The average asking price last week was $6.3 million, while the median asking price was $5.6 million.

The average discount from the original asking price to last asking price was 7 percent, according to Olshan data. Units were on the market for an average of 352 days.

Click here to read the entire report.

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