LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 7-13, 2017

17 Contracts Signed

Only 17 contracts were signed last week at $4 million and above, the seventh-straight week that total luxury sales fell below 20. It’s still not clear whether these low-tide numbers indicate anything more than a seasonal trend. After all, we experienced a similar sub-20 stretch last August and September.

The No. 1 contract was the 7th floor at 1020 Fifth Avenue, asking $17,995,000, reduced from $20 million when it started on the market at the end of 2013. The co-op has 5 bedrooms, 5.5 bathrooms, an eat-in kitchen, and four fireplaces. A 40-foot living room with 13-foot ceilings and a library face The Metropolitan Museum and Central Park. The unit completed a renovation in 2009.

The No. 2 contract was PH1 at 120 West 72nd Street, asking $10,495,000--it sold in less than 2 months on the market. This duplex has 3,335 square feet including 3 bedrooms and 3.5 bathrooms, plus 4 terraces that total 1,473 square feet. It features floor-to-ceiling windows, city views, and a fireplace in the living room. The penthouse is in the Harsen House condo, a 17-unit, 10-story building designed by BKSK architects that opened in 2008. Amenities include a doorman, gym, and playroom. It last sold for $8,962,500 in 2014.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 1 0 Avg.Ask:
$11,497,500
2
Condos 3 2 2 6 Avg.Ask:
$5,281,154

Avg.$/sq.ft.:
$2,427/sq.ft.

Avg.Size:
2,176 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 1 0 Avg.Ask:
$8,327,500

Avg.$/sq.ft.:
$1,478/sq.ft..

Avg.Size:
5,633 sq.ft.
2
TOTALS 4 3 4 6 17
Total Weekly Asking Price Sales Volume: $108,305,000
Average Asking Price: $6,370,882
Median Asking Price: $5,000,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 591
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2017
Donna Olshan and Olshan Realty
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