LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 8-14, 2017

37 Contracts Signed

Thirty-seven contracts were signed last week at $4 million and above, tying the second week in March for the highest weekly total so far this year. Eighteen of the 37 properties were sold by sponsors in new developments, while condos outsold co-ops, 26 to 9.

The No.1 contract was Apartment 15 at 520 West 28th Street, asking $14.5 million. The unit has 4,223 square feet including 5 bedrooms, 5.5 bathrooms, and 2 balconies totaling 294 square feet. It is in a new 11-story, 39-unit condo, designed by the late Iraqi-born architect Zaha Hadid, who passed away last year, and was the first woman to win the Pritzker Prize (2004) . The building, slated to open this year, was Hadid’s only residential commission in New York. It is a bold, contemporary design incorporating hand-crafted metal, glass-curtain walls, and curved balconies--all overlooking the High Line. Amenities include a 75-foot saline pool, a separate cold-plunge pool, spa and fitness facilities, and a garage that uses robotic technology instead of an attendant to park cars. (This feature has been installed in a couple of condos, and sounds cool--but I have yet to see it demonstrated.)

The No. 2 contract was 5H at 443 Greenwich Street, asking $14.4 million. The unit has 3,949 square feet including 4 bedrooms and 4.5 bathrooms. The building is a former factory, built in the 1880s, that was converted into a 53-unit condo, and retains some of the original details, like large windows and huge shutters. It is also known for celebrity owners including Jennifer Lawrence and Ryan Reynolds and his wife Blake Lively. Amenities include a lap pool, fitness center, garage with valet parking, a landscaped courtyard, and a roof deck.

DONE DEAL The highest-priced co-op sale recorded this year closed last week: $55 million for the 3rd floor at 960 Fifth Avenue. The apartment has 22 rooms, and was bought by Carlos Alejandro Perez Davila, whose family controls the brewing giant SABMiller. The apartment was sold by the estate of Asian art dealer and collector Robert Ellsworth, who died in 2014.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 3 0 2 Avg.Ask:
$7,565,000
9
Condos 2 2 3 19 Avg.Ask:
$7,027,615

Avg.$/sq.ft.:
$2,512/sq.ft.

Avg.Size:
2,797 sq.ft.
26
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$8,250,000

Avg.$/sq.ft.:
$1,713/sq.ft..

Avg.Size:
4,815 sq.ft.
2
TOTALS 7 5 3 22 37
Total Weekly Asking Price Sales Volume: $266,503,000
Average Asking Price: $7,202,784
Median Asking Price: $6,470,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 413
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 35 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 35 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

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Donna Olshan and Olshan Realty
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