LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 20-26, 2017

31 Contracts Signed

Thirty-one contracts were signed last week at $4 million and above, 14 of which were in co-ops--the highest total in the last 6 years. Here’s another noteworthy stat: 330 contracts were signed in the first quarter, a 33% increase over the same period in 2016. The total first-quarter volume of $2,469,899,874 was also higher than the $1,905,360,345 in deals over the same period last year. (The peak first-quarter volume was recorded in 2015, when $2,989,708,770 in contracts were signed.)

A couple of factors contributed to the lofty stats: a relief rally in the stock market, and more sellers finally willing to negotiate after their properties spent an average of 390 days on the market. The average price drop from the original asking price was 7% before a property went into contract.

The No.1 contract was 80B at 432 Park Avenue, asking $44,250,000. The unit has 5,421 square feet including 4 bedrooms, 5 bathrooms, 2 powder rooms, a 44-foot great room with views of the city, Central Park, and the Hudson River. It features 12.5-foot ceilings and windows that measure 10 x10 feet. This new condo is 96 stories high with 106 units, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.

The No.2 contract was Duplex 9 at 155 East 79th Street, asking $14.1 million. It was originally sold off of floorplans in 2014, but the buyer backed out of the deal and the unit came back on the market almost a year ago . This 4,292-square-foot duplex condo has 5 bedrooms and 5.5 bathrooms in a new building erected on a 35-foot-wide lot, and designed by BKSK architects with interiors by Pembroke & Ives. The apartment features a 30-foot-wide living room, over 10-foot ceilings, and a balcony off the rear media room. Amenities include a doorman, fitness room, and storage facilities.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 9 2 1 2 Avg.Ask:
$5,852,500
14
Condos 4 1 2 9 Avg.Ask:
$9,624,374

Avg.$/sq.ft.:
$3,325/sq.ft.

Avg.Size:
2,894 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$7,500,000

Avg.$/sq.ft.:
$2,193/sq.ft..

Avg.Size:
3,420 sq.ft.
1
TOTALS 14 3 3 11 31
Total Weekly Asking Price Sales Volume: $243,424,990
Average Asking Price: $7,852,419
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 340
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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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