LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 2-8, 2017

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, the best first week of January in 3 years. The top 3 contracts were townhouses, the third of which—3 Riverside Drive--had an asking price slashed almost in half from $36 million to $18.5 million. Thanks to that one contract, the average negotiability for all properties (10%) skewed higher than it normally would have. (In 2016, for example, the average negotiability from the original asking price to the last asking price was 6% when a property went into contract.)

The No.1 contract was 269 West 11th Street, asking $30 million, raised from $26 million when it started on the market in September. This 5-story, 27-foot-wide house has 8,540 square feet, and was last purchased for $20,890,000 in August 2014. It has not been renovated, but is being sold with a set of plans designed by acclaimed architect Annabelle Selldorf and approved by the NYC Department of Buildings.

The No. 2 contract was 34 East 74th Street, asking $19.9 million, reduced from $26 million when it went on the market last April. The 5-story, 20-foot-wide house has 6,200 square feet including 5 bedrooms, 5 bathrooms, 2 powder rooms, 2 fireplaces, and an elevator. It also has a 700-foot-plus garden and 2 terraces. The house last sold for $13.65 million in October 2010.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$6,125,000
4
Condos 1 0 4 12 Avg.Ask:
$6,424,118

Avg.$/sq.ft.:
$2,654/sq.ft.

Avg.Size:
2,421 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 2 0 1 Avg.Ask:
$16,140,000

Avg.$/sq.ft.:
$2,373/sq.ft..

Avg.Size:
6,801 sq.ft.
5
TOTALS 5 3 4 14 26
Total Weekly Asking Price Sales Volume: $214,410,000
Average Asking Price: $8,246,538,000
Median Asking Price: $6,246,538
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 435
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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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