LUXURY MARKET REPORT 2017


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

37 Contracts Signed

Stat geeks, listen up: 37 contracts were signed last week at $4 million and above—the highest total of the year. On top of that, those 37 signed contracts yielded $339,803,840-- the biggest volume of the year. What’s more, 11 were at asking prices above $10 million.

Here’s a bonus stat: The average property was discounted 14% from its original asking price before it went into contract. It took an average of 421 days on the market for sellers to reach the conclusion that their property was overpriced. And a tip of the hat to a robust stock market, which also played a part in luring buyers off the sidelines.

The top 2 contracts were in condos built above hotels. The No. 1 slot went to PH78A at 30 Park Place, asking $30 million, reduced from $32.5 million. The duplex condo has 6,127 square feet including 5 bedrooms, 6.5 bathrooms, and a large eat-in kitchen. There is a 427-square foot loggia/terrace off a 42-foot great room. The unit offers panoramic views of the city and the Hudson River. 30 Park Place is a new 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.

The No. 2 contract was 65A at 157 West 57th Street, asking $24.95 million, reduced from $35.5 million when it went on the market in October 2015. The unit is being sold at a loss; the owner paid $29.329 million in December 2014 and financed the purchase with a $23.5 million mortgage. The unit has 4,483 square feet including 3 bedrooms and 4.5 baths; it has Central Park views from the 56-foot living room/dining room. The building was designed by Pritzker Prize-winning architect Christian de Portzamparc with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above a 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 7 2 1 0 Avg.Ask:
$9,064,900
10
Condos 1 5 3 14 Avg.Ask:
$9,226,950

Avg.$/sq.ft.:
$2,948/sq.ft.

Avg.Size:
3,129 sq.ft.
23
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 2 0 1 Avg.Ask:
$10,483,750

Avg.$/sq.ft.:
$1,748/sq.ft..

Avg.Size:
5,999 sq.ft.
4
TOTALS 9 9 4 15 37
Total Weekly Asking Price Sales Volume: $339,803,840
Average Asking Price: $9,183,888
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 421
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 33 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 33 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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
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