LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 6-12, 2017

24 Contracts Signed

From record-breaking to back-to-normal, that’s what last week was all about in the Manhattan luxury real estate market. Twenty-four contracts were signed at $4 million and above, 10 fewer than the previous week but on a par with typical mid-February sales. There is however, one trend of concern: Days On Market. Last week, the average property lingered on the market for 461 days with an average price reduction of 7% off the original asking price.

The No.1 contract was the 62nd floor at 45 East 22nd Street, asking $24.95 million. This 4,663-square-foot unit has 4 bedrooms, 4.5 bathrooms, and sweeping 360-degree views from the East River to the Hudson River. The apartment is in a new 65-story glass condo with 83 units that is under construction next to Madison Square Park. Amenities include a fitness center, basketball court, children’s playroom, and an outdoor terrace.

The No. 2 contract was 5A at 443 Greenwich Street, asking $15 million, not much more than the $14,675,019 paid in December, when the buyer was reportedly actor Mike Myers. The corner unit has 4,241 square feet including a 40-foot living room/dining room, a 22-foot kitchen, 4 bedrooms, and 4.5 bathrooms. The building is a former factory, built in the 1880s, that was converted into a 53-unit condo and retains some of the original details, like large windows and huge shutters. Amenities include a lap pool, fitness center, garage with valet parking, a landscaped courtyard, and a roof deck.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 1 Avg.Ask:
$8,311,250
4
Condos 5 2 1 11 Avg.Ask:
$7,353,947

Avg.$/sq.ft.:
$3,003/sq.ft.

Avg.Size:
2,449 sq.ft.
19
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$12,995,000

Avg.$/sq.ft.:
$1,382/sq.ft..

Avg.Size:
9,400 sq.ft.
1
TOTALS 8 3 1 12 24
Total Weekly Asking Price Sales Volume: $185,964,990
Average Asking Price: $7,748,541
Median Asking Price: $6,650,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 461
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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











Email Olshan Olshan on Twitter Olshan on Facebook