LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 9-15, 2017

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above, but here’s the big headline: That makes 50 contracts signed in the first two weeks of 2017, tying 2014 as the best start of a new year since we started keeping score 11 years ago.

The No.1 contract was the Penthouse at 10 Sullivan Street, asking $27.5 million, which Bloomberg had reported to be in contract for $25 million. The new condo has 5,503 square feet including 5 bedrooms, 5 bathrooms, 2 powder rooms, and terraces totaling 1,378 square feet. The apartment features a living room with over 20-foot ceilings and a roof terrace. It was originally 8,400 square feet, asking $45 million, and the developer decided to carve it into 2 units. The other penthouse remains for sale at $10 million for 3 bedrooms with 2,950 square feet.

The No. 2 contract was a townhouse at 132 East 71st Street, asking $21 million, reduced from $25 million when it went on the market in September 2014. This 6-story, 22-foot-wide house has 9000 square feet including 6 bedrooms, 6 bathrooms, 2 powder rooms, 6 fireplaces, and an elevator. It is being sold by an estate, and was held in the same family for 40 years. The house is in need of renovation.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$7,235,000
3
Condos 2 2 1 10 Avg.Ask:
$6,927,000

Avg.$/sq.ft.:
$2,725/sq.ft.

Avg.Size:
2,542 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 2 0 3 Avg.Ask:
$9,789,167

Avg.$/sq.ft.:
$1,686/sq.ft..

Avg.Size:
5,807 sq.ft.
6
TOTALS 6 4 1 13 24
Total Weekly Asking Price Sales Volume: $187,060,000
Average Asking Price: $7,794,167
Median Asking Price: $6,235,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 404
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

© 2016
Donna Olshan and Olshan Realty
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