LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 27-April 2, 2017

23 Contracts Signed

Twenty-three contracts were signed last week in Manhattan at $4 million and above, the lowest total since the end of February. There were 9 contracts with asking prices above $10 million including one deal that was above $30 million—and took the No.1 spot.

That honor goes to 36/37 at 515 Park Avenue, asking $35 million, only the 6th contract reported signed with a price tag north of $30 million so far this year. Which represents a whopping profit from the $10.710 million paid in 2000, when the owner bought it from the developer. This duplex condo has 4,927 square feet including 4 bedrooms, 4.5 bathrooms, a library, eat-in kitchen, 11.5-foot ceilings, and spectacular views of Central Park and the city. It also comes with 2 storage rooms and a wine cellar, plus a 2nd floor guest apartment facing Park Avenue that has 635 square feet.

The No. 2 contract was 16A at 21 East 61st Street, asking $17.9 million, reduced from $22 million when it went on the market in September 2013. This 3,500-square-foot, 3-bedroom unit has 4.5 bathrooms and a library, plus a 1,120-square-foot wraparound terrace. The condop faces Madison Avenue. and the master suite Central Park views. It is being sold by the sponsor/developer Extell.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 1 3 Avg.Ask:
$4,809,000
5
Condos 1 4 2 7 Avg.Ask:
$10,980,357

Avg.$/sq.ft.:
$3,227/sq.ft.

Avg.Size:
3,402 sq.ft.
14
Condops * 1 0 0 0 Avg.Ask:
$17,900,000

Avg.$/sq.ft.:
$5,114/sq.ft.

Avg.Size:
3,500 sq.ft.
1
Townhouses 1 1 0 1 Avg.Ask:
$8,775,900

Avg.$/sq.ft.:
$1,781/sq.ft.

Avg.Size:
4,927 sq.ft.
3
TOTALS 4 5 3 11 23
Total Weekly Asking Price Sales Volume: $221,997,700
Average Asking Price: $9,652,074
Median Asking Price: $7,400,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 412
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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