LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 30-February 5, 2017

34 Contracts Signed

By now, almost everybody on the planet knows that Tom Brady led the New England Patriots to a thrilling, Sudden Death, 34-28 victory over the Atlanta Falcons in Super Bowl LI. But here’s a score you will be hearing for the first time: 34 contracts were signed last week at $4 million and above, the largest total for a first week in February since we started tracking the luxury market in 2006. More contracts were signed last week than in the previous two weeks combined. One more stat: The lower end of the luxury market saw the most activity, with half of the contracts between $4 million and $5.5 million.

The No.1 deal was comprised of 2 contracts that were signed by one buyer on 10A and 10B at 211 Central Park West, asking a total of $13,645,000 (10A at $7.495 million and 10B at $6.150 million) The combination will feature 13 rooms with a 62-foot expanse facing south over 81st Street and the Natural History Museum. The units are in the famed Beresford co-op, known for its large prewar apartments and numerous celebrity owners including Jerry Seinfeld.

The No. 2 contract was 18D at 212 West 18th Street, asking $11,495,000, not far off the $11,437,500 that was paid when it closed in March 2014. The owner re-listed this Walker Tower Condominium unit in December 2014 for $15.65 million, and went through a series of price reductions before finally going to contract. The apartment is a duplex with 2,850 square feet including 3 bedrooms, 4 bathrooms, 10 foot ceilings, floor-to-ceiling windows, and a 413-square-foot terrace. Amenities include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 3 0 1 Avg.Ask:
$5,490,000
9
Condos 6 4 1 12 Avg.Ask:
$6,633,261

Avg.$/sq.ft.:
$2,581/sq.ft.

Avg.Size:
2,570sq.ft.
23
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$5,397,500

Avg.$/sq.ft.:
$1,441/sq.ft..

Avg.Size:
3,738 sq.ft.
2
TOTALS 11 8 1 14 34
Total Weekly Asking Price Sales Volume: $212,769,999
Average Asking Price: $6,257,941
Median Asking Price: $5,560,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 352
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 32 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
All Rights Reserved











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