Park Avenue co-op led uptick in Manhattan luxury contracts

Manhattan’s luxury market is getting busier, but not much pricier.

The borough cracked 20 contracts last week for the second straight period, according to Olshan Realty’s weekly report of homes in the borough asking $4 million or more. But despite the rise in activity, the volume came in short in the second week in a row that only two properties asking $10 million or more went into contract.

The most expensive home to enter contract last week was the 12th-floor unit at 778 Park Avenue, with an asking price of $27.9 million. The co-op, which had been on and off the market since January 2021, has five bedrooms and five bathrooms.

The living room, library and formal dining room all have fireplaces and overlook Park Avenue, as does the primary suite. The unit also has two powder rooms and four staff rooms.

The co-op board does not allow mortgage financing and renovations must take place from May 15 to September 15.

The second most expensive home to enter contract last week was PHB at 160 Wooster Street, asking $14.5 million. A buyer who already lives in the building signed for the unit in an off-market deal.

The 3,200-square-foot duplex spans the sixth and seventh floors and has two bedrooms, two bathrooms and two powder rooms. The upper floor has a 49-foot great room with 20-foot ceilings and a fireplace. The great room opens onto a 1,500-square-foot terrace, which also has a fireplace.

The seller paid $6.4 million in 2007 for the condo in the 15-unit building.

Of the 25 homes to enter contract last week, 16 were condos, five were co-ops, two were condops and two were townhouses.

The homes combined for a total asking price volume of $174.4 million, with average asking just under $7 million and a median asking price of $5.6 million. The average home spent 529 days on the market and received a 5 percent discount.