LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 10-16, 2017

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above, and here’s a stat worthy of note: The top 5 properties were north of $14.7 million---and all 5 were sold by developers of new condos.

The No.1 contract was 81B at 432 Park Avenue, asking $44,750,000. The unit has 5,421 square feet including 4 bedrooms, 5 bathrooms, 2 powder rooms, and 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; it is 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 PH2 at 33 East 74th Street, asking $29.5 million, reduced from $37 million. This 4-bedroom, 4.5-bathroom duplex has 4,844 square feet, plus 2 terraces that total 2,867 square feet. The penthouse is featured in a new 10-unit condo building that opened for sale in 2014 and was created out of a row of landmark brownstones next to the old Whitney Museum. Amenities include a doorman, gym, and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$7,323,750
4
Condos 3 0 4 4 Avg.Ask:
$14,157,273

Avg.$/sq.ft.:
$4,254/sq.ft.

Avg.Size:
3,328 sq.ft.
11
Condops * 0 0 0 1 Avg.Ask:
$9,950,000

Avg.$/sq.ft.:
$2,113/sq.ft.

Avg.Size:
$4,710 sq.ft.
1
Townhouses 0 0 0 2 Avg.Ask:
$7,260,000

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

Avg.Size:
3,310 sq.ft.
2
TOTALS 5 1 4 8 18
Total Weekly Asking Price Sales Volume: $209,495,000
Average Asking Price: $11,638,611
Median Asking Price: $7,350,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 527
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 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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