LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 1-7, 2017

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the weakest start to May since 2011. But perhaps the most eye-popping stat of the week was found in…

…the No.1 contract, which was apartment 54AG at 25 Columbus Circle, asking $16 million, reduced from $50 million when it went on the market in October 2013. You read that right--the price was slashed by $34 million before it was teed up to go to contract. This Time Warner Center condo is a duplex with 3,582 square feet including 4 bedrooms, 4 bathrooms, and Central Park views. It was originally two units that were combined: 54G purchased for $2.75 million in 2004 and 54A purchased for $8.3 million in 2008. Condo amenities include a fitness center, landscaped terrace, meeting room with Central Park views, and access to the Mandarin Oriental Hotel’s pool and spa.

The No. 2 contract was 45West at 56 Leonard Street, asking $15 million. It was resold after closing for $11,401,305 on March 24. The unit has 3,576 square feet with 4 bedrooms, 4.5 bathrooms, and 2 terraces totaling 1,022 square feet that flank a 52-foot great room. 56 Leonard, designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron, was an immediate hit when it started selling in the spring of 2013 off of floorplans. The 60-story condo has 145 units, and amenities include a fitness room, 75-foot Infinity-edge lap pool, landscaped sundeck with a hot tub, children’s playroom, conference center, and catering kitchen.

HIGH LIFE: Three penthouses went to contract last week—2 uptown and 1 downtown. The most expensive of the trio was PHW at 17 East 89th Street, asking $11.75 million. It was in excellent condition and sold immediately. The co-op has 3 bedrooms, 3 bathrooms, and a library, plus a wraparound, landscaped terrace with views of Central Park and the reservoir.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 1 1 Avg.Ask:
$8,009,000
5
Condos 1 0 2 10 Avg.Ask:
$7,332,615

Avg.$/sq.ft.:
$2,393/sq.ft.

Avg.Size:
3,064 sq.ft.
13
Condops * 1 0 0 0 Avg.Ask:
$4,995,000

Avg.$/sq.ft.:
$2,498/sq.ft.

Avg.Size:
2,000 sq.ft.
1
Townhouses 2 1 0 0 Avg.Ask:
$6,966,667

Avg.$/sq.ft.:
$1,706/sq.ft..

Avg.Size:
4,084 sq.ft.
3
TOTALS 7 1 3 11 22
Total Weekly Asking Price Sales Volume: $161,264,000
Average Asking Price: $7,330,182
Median Asking Price: $6,650,000
Average Discount from Original Ask to Last Asking Price: 20%
Average Days on Market: 475
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 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
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