LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 10-16, 2017

15 Contracts Signed

Only 15 contracts were signed last week at $4 million and above, the lowest total since the last week in January. One could blame Passover and Easter falling on the same week, but totals in previous years when those two holidays coincided were more robust. Time will tell if last week marked a temporary lull in sales or if the luxury market is losing steam.

The No.1 contract was 7A at 1 Sutton Place, asking $18 million. This signed contract was reported last week after the transaction received co-op board approval. When it closes next month, reportedly at a price less than 10% below the ask, it will be the highest-priced co-op ever recorded in the Beekman-Sutton area—and that includes the legendary River House. The unit, which has been on and off the market since 2010, has spectacular East River views from a 32-foot living room that opens onto a 24-foot library. There are 4 bedrooms, 4.5 bathrooms, a formal dining room, an eat-in kitchen, 2 staff rooms, and a gym, plus 3 working fireplaces.

The No. 2 contract was the Penthouse at 29 East 10th Street, asking $10.25 million, reduced from $14.995 million when it went on the market in November 2014. This triplex condo has 4,033 square feet including 5 bedrooms, 4 bathrooms, 3 powder rooms, 2 fireplaces, and a roof-top library that opens onto 2 large terraces. The building does not have a doorman.

HAT TRICK: Three condo units went to contract last week at $4 million and above in the Tribeca Summit at 415 Greenwich Street. Separately owned, each apartment featured 3 bedrooms with an average size of 2,217 square feet and an average asking price of $2,248/square foot, which is considerably below the asking prices of many of the new condo buildings under construction in the area.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 2 0 Avg.Ask:
$8,057,500
6
Condos 0 1 1 5 Avg.Ask:
$5,857,143

Avg.$/sq.ft.:
$2,460/sq.ft.

Avg.Size:
2,381 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 2 0 Avg.Ask:
$7,125,000

Avg.$/sq.ft.:
$1,149/sq.ft..

Avg.Size:
6,200 sq.ft.
2
TOTALS 3 2 5 5 15
Total Weekly Asking Price Sales Volume: $103,595,000
Average Asking Price: $6,906,333
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 511
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 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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