Thursday, December 1 2022

Robert Mnuchin outside 944 Fifth Avenue (Getty Images, Google Maps, iStock)

An apartment at 944 Fifth Avenue topped Manhattan’s luxury contracts last week – the first time in six months that the borough’s most expensive home sale involved a co-op, rather than a condo or townhouse .

The Lenox Hill home was last asking for $20 million, according to Olshan Realty’s weekly report, down from $25 million when it went up for sale in October. The seller, art dealer Robert Mnuchin – the father of former Treasury Secretary Steven Mnuchin – paid $20 million for the cooperative in January 2008.

The four-bedroom, three-bathroom unit features a 42-foot living room overlooking Central Park, an exercise studio, and a kitchen with a walk-in pantry.

The second most expensive home to land a deal last week was a townhouse at 123 East 61st Street, also in Lenox Hill, asking for $18.8 million – unchanged from when it first went on the market in February 2021 The seller paid $12 million for the home in 2015 before remodeling it in a contemporary style, according to Olshan’s report.

The townhouse has a stucco facade and spans 9,200 square feet over six floors, including seven bedrooms, a garden and a rooftop terrace.

A total of 39 contracts were signed between April 4 and April 10 for homes asking for $4 million and more. Home asking prices totaled $297 million, with a median of $6 million. There was an average discount of 5% between the initial price and the last asking price, and the units spent an average of almost two years (707 days) on the market.

Twenty-eight of the 39 units were condos, seven were co-ops and four were townhouses. Of the 28 condos, 19 were sponsor units sold by developers.


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