LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 20-26, 2017

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, but here’s the headline news: A total of 108 contracts were signed during the month, the second best February since we started keeping track in 2006. The best February was 2015, when 116 contracts were signed at $4 million and above. But wait, there’s more good news: The month’s total was a 42% increase over February 2016, when only 76 contracts were signed at $4 million and above.

A bonus for you stat geeks: Once again, the sweet spot in the luxury market last week were units below $6 million.

The No.1 contract was a townhouse at 252 West 12th Street, asking $19.6 million, which has been on the market since July. The house was gut- renovated after being purchased for $6.8 million in 2010. Designed by architect Steven Harris, it is 20-feet wide, and has 4,875 square feet including 6 bedrooms, 5.5 bathrooms, a garden, a terrace off the kitchen, and a top-floor terrace with a hot tub. The house does not have an elevator.

The No. 2 contract was 63B at 252 East 57th Street, asking $11.8 million. This 3,315-square-foot unit has 4 bedrooms and 4.5 bathrooms, a 39-foot living room with a working fireplace, a balcony, and spectacular views of Central Park and the East River. It also has 11.5-foot ceilings, and is in a new condo designed by Skidmore, Owings & Merrill. Amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen and dining room, bicycle and storage rooms, and furnished guest suites. There is also a play space and grooming station for your dog.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 3 1 0 Avg.Ask:
$5,862,250
4
Condos 1 3 3 8 Avg.Ask:
$6,542,599

Avg.$/sq.ft.:
$2,433/sq.ft.

Avg.Size:
2,678 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$13,275,000

Avg.$/sq.ft.:
$2,599/sq.ft..

Avg.Size:
5,108 sq.ft.
2
TOTALS 2 6 4 9 21
Total Weekly Asking Price Sales Volume: $147,993,990
Average Asking Price: $7,047,333
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 368
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 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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