LUXURY MARKET REPORT 2017


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

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, the top 2 sales having links to the entertainment industry.

The No. 1 contract was the rock star Sting’s apartment: 16/17B at 15 Central Park West, asking $56 million. It was purchased for $26,983,625 in 2008 from the developer and then renovated by Lee Mindel of Shelton Mindel & Associates. The duplex condo has 5,417 square feet including 3 bedrooms and a spectacular living room that opens onto a 41-foot terrace facing Central Park. The master suite is upstairs and also faces the Park. 15 Central Park West, is one of the most expensive condos in New York. It is a limestone structure designed by Robert A.M. Stern with a host of amenities including a 14,000-square-foot fitness center that has a 75-foot pool; it also features a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was a brownstone at 39 West 70th Street, owned by Bob Weinstein (the brother and producing partner of disgraced Hollywood kingpin Harvey Weinstein). It was asking $17.9 million, reduced from $19 million when it went on the market in February. The house was purchased for $15 million in May 2009 and meticulously renovated, restoring many period oak details from the 1910 structure. This 20-foot-wide, 5-story house has 6,608 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, 5 gas fireplaces, a rear garden, terrace, balconies, and roof deck. On the top floor is a half-court basketball court. An elevator can be accessed from the garden to the third floor.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 2 Avg.Ask:
$7,465,000
6
Condos 0 4 3 7 Avg.Ask:
$9,699,143

Avg.$/sq.ft.:
$3,562/sq.ft.

Avg.Size:
2,723 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$17,900,000

Avg.$/sq.ft.:
$2,708/sq.ft..

Avg.Size:
6,608 sq.ft.
1
TOTALS 3 6 3 9 21
Total Weekly Asking Price Sales Volume: $198,478,000
Average Asking Price: $9,451,333
Median Asking Price: $5,795,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 472
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 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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