LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 23-29, 2017

13 Contracts Signed

The Dow Jones Industrial Average may have soared over 20,000, but while Wall Street was celebrating, luxury market observers were left scratching their heads. What happened to the so-called wealth effect? Only 13 contracts were signed last week in Manhattan at $4 million and above, the lowest total for a final week in January since 2010, when 7 contracts were signed.

The No. 1 contract was 37A at 432 Park Avenue, asking $17.75 million. This new condo unit has 4,003 square feet including 3 bedrooms and 4.5 bathrooms. It faces north, south and east with views over Park Avenue. The ceiling height is 12.5 feet, and the windows measure 10 x10 feet. Last year, 432 Park took the No.1 spot in this luxury report 7 times, averaging $6,904/square foot. Those closed sales averaged 12% below the asking price. 432 Park is a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.

The No.2 contract was Duplex 3 at 155 East 79th Street, asking $12.8 million. This 4,292-square-foot duplex condo has 4 bedrooms and 4.5 bathrooms in a new building erected on a 35-foot-wide lot, and designed by BKSK architects with interiors by Pembroke & Ives. The unit is being sold after it closed in February 2016 for $11,200,750. The apartment features a 30-foot-wide living room, over 10-foot ceilings, and a balcony off the rear media room. Amenities include a doorman, fitness room, and storage facilities.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
Avg.Ask: $5,750,000
1
Condos 2 2 3 4 Avg.Ask:
Avg,Ask:$7,985,454

Avg.$/sq.ft.:
Avg.$/sq.ft.:$3,005/sq.ft.

Avg.Size:
Avg.Size:2,658 sq.ft.
11
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
Avg.$7,000,000

Avg.$/sq.ft.:
Avg.$/sq.ft.:$1,092/sq.ft..

Avg.Size:
Avg.Size:6,408 sq.ft.
1
TOTALS 2 3 3 5 13
Total Weekly Asking Price Sales Volume: $100,589,990
Average Asking Price: $7,737,692
Median Asking Price: $7,000,000
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 410
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 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
All Rights Reserved











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