Twenty contracts were signed last week at $4 million and above, the first time since July 1—when NYS raised the mansion and transfer taxes---that the luxury market recorded a weekly total of 20 signed contracts. On average, prices were reduced by 15% off the original asking price before a contract was negotiated. The data underscores the current state of the luxury market: Buyers are extremely price sensitive. What’s more, year-to-date, the average days on the market for properties at $4 million and above is 487 days, up from 444 days over the same period last year.

The No.1 contract was North 12B at 160 Leroy Street, asking $18.25 million, reduced from $20 million when it was first listed off of floorplans in January 2016. The building now finished, North 12B is the last sponsor unit to sell. The condo has 4,557 square feet with 4 bedrooms, 4.5 bathrooms, ...

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