Thirty-four contracts were signed last week at $4 million and above, slipping from the 7-year high of 47 contracts in the previous week.
Stat Geek Alert I: The Passover-Easter week traditionally sees a market slowdown, but the 34 contracts extends a record-breaking luxury market streak of 30 or more deals to 9 weeks in a row, a streak not seen since we started recording the Olshan Report in 2006.
Stat Geek Alert II: In the last 9 weeks, a total of 340 contracts were inked at $4 million and above totaling $2,860,453,999. Helping to fuel this hot streak were meaningful discounts---an 11% average discount from the original asking price to the last asking price before buyers started negotiating. The properties averaged 628 days on the market.
The No. 1 contract was PHB at 166 Duane Street, asking $17.5 million, which was listed in July. The duplex loft has 6,100 square feet including 5 bedrooms and 4.5 bathrooms. A 36-foot great room and an upstairs sunroom open onto a 23’ x 38’ terrace. Condo amenities include a doorman, storage, and a landscaped roof garden with an outdoor kitchen.
The No. 2 contract was a townhouse at 69 East 82nd Street, asking $15.250 million, reduced from $16.4 million when it was listed in July. The sellers purchased the house for $10.4 million in 2011 and then renovated using the husband-wife team of AD 100 fame: architect Peter Pennoyer and designer Katie Ridder. The 5-story, 20-foot-wide house has 5,360 square feet including 6 bedrooms, 6 bathrooms, and 3 powder rooms. An eat-in kitchen opens onto a 45-foot landscaped garden, and there is a terrace off a bedroom on the 4th floor. The house does not have an elevator.
