LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 15-21, 2017

32 Contracts Signed

Thirty-two contracts were signed last week at $4 million and above. A couple of stats: 21 of the 32 contracts were Downtown, while condos outsold co-ops, 21 to 8, with 2 townhouses in the mix.

The No.1 contract was PHA at 155 West 11th Street asking $12.935 million. The condo has 2,295 square feet including 2 bedrooms, 2.5 bathrooms, and 2 terraces totaling 1,777 square feet with north, south, and east city views. The unit is in the Greenwich Lane, and was sold in 2014 off of floorplans; it came back on the market last month after the buyer switched to another sponsor unit in the building. The Greenwich Lane is a complex that consists of 5 buildings, comprising 194 condos and 5 townhouses built on the former St. Vincent’s Hospital site. Amenities include a concierge, doorman, fitness center, a 75-foot pool, children’s room, and a garage.

The No. 2 contract was 12A at 14 East 90th Street, asking $12 million. This 12-room co-op sold within a month of listing. It offers Central Park and reservoir views from a 30-foot corner living room and 4 out of the 5 bedrooms. It also has 5 bathrooms, 3 fireplaces, an eat-in kitchen, and 2 staff rooms. Building amenities include a gym, half basketball court, a children’s room, private storage, wine storage, and a bike room.

THE PRICE IS RIGHT If you need yet another example that we are in the midst of a price-sensitive market, here it is: Half of the 32 contracts signed were below $5 million.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 3 Avg.Ask:
$6,492,500
8
Condos 4 1 2 14 Avg.Ask:
$5,831,667

Avg.$/sq.ft.:
$2,340/sq.ft.

Avg.Size:
2,492 sq.ft.
21
Condops * 0 0 0 1 Avg.Ask:
$4,500,000

Avg.$/sq.ft.:
$2,435/sq.ft.

Avg.Size:
1,848 sq.ft.
1
Townhouses 1 0 1 0 Avg.Ask:
$7,875,000

Avg.$/sq.ft.:
$1,612/sq.ft..

Avg.Size:
4,885 sq.ft.
2
TOTALS 9 2 3 18 32
Total Weekly Asking Price Sales Volume: $194,505,000
Average Asking Price: $6,078,281
Median Asking Price: $4,997,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 301
*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 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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