Last week was another strong week of sales of Manhattan property listed at $4 million and above as 29 contracts were signed according to the Olshan report. The most expensive contracts were a couple of resales ,units 71A and 71B, at 432 Park avenue which were asking a combined $68.5 million, nearly $10 mm above their 2016 sold price.
This continues to show the dichotomy that is the Manhattan resale market. A recent report showed overall number of sales year over year is down but each week the $4 million and above apartments keep notching a steady amount of contracts. Interest rates rising, the recent tax reform and a very weak rental market are having a more pronounced effect on the lower end of the market than on the luxury sales. However, DOM continues to be at around 300 days for luxury and negotiation is the norm within the market of around 6% or so.
The Author- 
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.