Price Cuts for Luxury NYC Condos Continue With Week's Top Deal

(Bloomberg) -- It’s tough to make a profit if you bought a Manhattan condo at the height of Midtown’s luxury frenzy.

Consider the top apartment to go into contract last week: a 4,545-square-foot (422-square-meter), four-bedroom condo at the Baccarat Hotel & Residences that found a buyer after 388 days on the market, according to report today by Olshan Realty Inc. The asking price at the time of the contract was $18.75 million, after a reduction in January. The seller bought it in 2015 for $20.6 million.

Twenty-four luxury properties -- those priced at $4 million and above -- went into contract last week, at asking prices that were 11 percent less than what sellers had initially sought, according to the report.

“The increasing negotiability is the single biggest factor in motivating buyers off the sidelines,” Olshan Realty said in the report. “It all comes down to price.”

A townhouse also listed at $18.75 million tied the Baccarat condo for top deal of the week. The sellers of that property, at 39 E. 67th St., didn’t do any better. They bought it in October 2014 for $22.5 million, according to the report.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Christine Maurus

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