LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 22-28, 2017

32 Contracts Signed

Thirty-two contracts were signed last week at $4 million and above, the third straight week to crack the 30 benchmark. Condos outsold co-ops, 24 to 7, and there was 1 townhouse in the mix. The month of May yielded 123 contracts signed, which is on a par with May 2015 and 2016.

The No.1 contract was PH55 at 56 Leonard Street, asking $28 million. This 5,186 square foot unit has 4 bedrooms, 4.5 bathrooms, 14-foot ceilings, and a 34-foot terrace off a 39-foot great room. The unit has spectacular city and river views. It was bought off of floorplans in 2013 for $21,814,384, and then when it finally closed in April 2017, it was relisted. 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.

The No. 2 contract was PH3BC at 1965 Broadway, asking $22.995 million, reduced from $42 million when it went on the market in September 2014. The condo has 6,610 square feet, and is configured as a 6-bedroom, 5.5-bathroom triplex including a rooftop terrace. It also has a spectacular 42-foot landscaped terrace off the living room and dining space.

THE HIGH LIFE The No. 3 and No. 4 sales were also penthouses. And speaking of penthouses...

DONE DEAL…PH40B at 15 Central Park West closed on May 15 for $50.55 million. The condo does not have a terrace but has 5,278 square feet including 4 bedrooms, 5.5 bathrooms, and spectacular Central Park views from the living room, library, and master bedroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 2 1 Avg.Ask:
$6,948,571
7
Condos 3 4 3 14 Avg.Ask:
$8,822,291

Avg.$/sq.ft.:
$3,038/sq.ft.

Avg.Size:
2,904 sq.ft.
24
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$4,500,000

Avg.$/sq.ft.:
$1,705/sq.ft..

Avg.Size:
2,640 sq.ft.
1
TOTALS 6 5 5 16 32
Total Weekly Asking Price Sales Volume: $264,874,990
Average Asking Price: $8,277,343
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 504
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 31 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 31 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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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