LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 13-19, 2017

29 Contracts Signed

Twenty-nine contracts were signed last week at $4 million and above, five more than the previous week. One is tempted to paint a rosy forecast for the Spring, but let’s not overlook a cloud or two on the horizon. Year-to-date, the average Days On Market is 415, a 32% increase over the same period in 2016. The moral of the numbers: Sellers who lower their prices to a realistic level are more often than not rewarded with a sale.

The No.1 contract was a Penthouse at 4 East 72nd Street, asking $13,995,000, which sold within two weeks of listing. This 9-room duplex co-op has 13-foot ceilings and 3 fireplaces. The unit has southern views and angled peeks of Central Park. Downstairs is a 17 x 30-foot living room, 3 bedrooms, and a library; upstairs is a study. Both floors are surrounded by a wraparound terrace. The apartment needs to be completely renovated.

The No. 2 contract was 73A at 30 Park Place, asking $13.6 million. The condo has 3,699 square feet including 4 bedrooms, 5.5 bathrooms, and a large eat-in kitchen. It has panoramic views of the city and the Hudson River. 30 Park Place is an 80-story limestone building designed by Robert A.M. Stern; it has a Four Seasons Hotel on the bottom 22 floors and 157 condos above that.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 0 1 0 Avg.Ask:
$8,326,667
6
Condos 3 1 2 17 Avg.Ask:
$6,848,043

Avg.$/sq.ft.:
$2,749/sq.ft.

Avg.Size:
2,491 sq.ft
23
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 8 1 3 17 29
Total Weekly Asking Price Sales Volume: $207,860,500
Average Asking Price: $7,167,603
Median Asking Price: $6,040,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 398
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 29 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 29 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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