LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 8-14, 2018

12 Contracts Signed

Only 12 contracts were signed last week at $4 million and above, a plunge from the same week last year, when 24 contracts were signed. On the bright side: The top 2 deals had asking prices north of $20 million.

The No. 1 contract was a townhouse at 1083 Fifth Avenue, asking $29.5 million. It was sold by the National Academy Museum, which originally listed the property with 2 adjacent properties--a townhouse at 3 East 89th Street and a school at 5-7 East 89th Street. All 3 properties were listed together for a total of $120 million in April 2016. Less than a year later, the National Academy Museum ended up selling 1083 Fifth Avenue separately. The 6-story house is 27 feet wide, and has 14,748 square feet including 6 bedrooms, 10.5 bathrooms, and an elevator. It has views of the reservoir and elaborate architectural period details.

The No. 2 contract was North14B at 160 Leroy Street, asking $21 million, raised from $19.5 million when it was listed by the developer in January of 2016. This new condo has 4,557 square feet with 4 bedrooms, 4.5 bathrooms, a library, and a 196-square-foot terrace off the master suite. The living room is 50-feet long, and has views of the Hudson River. The buyer also purchased a 1 bedroom unit on a different floor—South9A, asking $3.2 million for 1,096 square feet. Designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron, this 57-unit building has amenities that include a landscaped motor court, a doorman, a concierge, parking, fitness center, pool, and children’s playroom. Closings are expected in the first quarter of 2018, and over 90% of the units are sold.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$7,186,250
4
Condos 0 0 2 4 Avg.Ask:
$8,215,000

Avg.$/sq.ft.:
$3,290/sq.ft.

Avg.Size:
2,497 sq.ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$20,500,000

Avg.$/sq.ft.:
$1,700/sq.ft..

Avg.Size:
12,062 sq.ft.
2
TOTALS 3 1 2 6 12
Total Weekly Asking Price Sales Volume: $119,035,000
Average Asking Price: $9,919,583
Median Asking Price: $7,172,500
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 388
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 10 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

© 2018
Donna Olshan and Olshan Realty
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