LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 3-9, 2017

23 Contracts Signed

Twenty-three contracts were signed last week in Manhattan at $4 million and above, the same total of tepid sales as the previous week. More noteworthy was the relatively low volume--$155 million in sales.

As an example, take a look at the property that occupied the No.1 spot: 55 West 90th Street, a brownstone asking $11,995,000, reduced from $12,995,000 when it went on the market in September. The house was purchased by developers for $6.4 million in January 2015 and then gut-renovated. It has 6 bedrooms, 7 bathrooms, 2 powder rooms, and an elevator.

The No. 2 contract was 8A at 212 Fifth Avenue, asking $11.1 million. The corner unit has 3,008 square feet including 3 bedrooms and 3.5 bathrooms, and features a 16’ x 37’ great room with 10.5-foot ceilings. The living room and master bedroom have views of Madison Square Park. 212 Fifth Avenue is a prewar office building that is being converted to a 48-unit condo. Amenities include a doorman, concierge, fitness center, children’s playroom, storage, and valet parking.

Done Deal: The most expensive townhouse ever sold in Manhattan---19 East 64th Street—closed last week for $79.5 million. This 41-foot-wide, 5-story limestone house has 18,860 square feet, and is commercially-zoned. It was the former home of the Wildenstein Gallery, and has a storied history of lawsuits, broken deals, and accusations of stolen art from the Nazis.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 0 0 2 Avg.Ask:
$5,778,571
7
Condos 4 1 0 9 Avg.Ask:
$6,547,143

Avg.$/sq.ft.:
$2,604/sq.ft.

Avg.Size:
2,514 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 0 Avg.Ask:
$11,472,500

Avg.$/sq.ft.:
$1,882/sq.ft..

Avg.Size:
6,098 sq.ft.
2
TOTALS 10 2 0 11 23
Total Weekly Asking Price Sales Volume: $155,055,000
Average Asking Price: $6,741,522
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 360
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 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
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