LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 5-11, 2017

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, and here’s a footnote for you stats geeks: Twelve of the total properties sold were from sponsor/developers. Seven of the 26 units had outdoor space---a balcony, terrace, or garden.

The No. 1 contract was 12A at 737 Park Avenue, asking $25 million, reduced from $27 million when it went on the market in 2013 being offered by the sponsor, Macklowe Properties, who converted the rental building into a condo. This 6,111-square-foot unit has 5 bedrooms, 6 bathrooms, and a powder room. It wraps the corner of 71st and Park Avenue and features a 51-foot living room. Building amenities include a doorman, fitness room, children’s playroom, and storage.

The No. 2 contract was a townhouse at 115 East 79th Street, asking $19.44 million. This 20-foot-wide house was listed in January; it has 6,800 square feet including 6 bedrooms, 4.5 bathrooms, 7 working fireplaces, and an elevator. It was purchased for $7.45 million in 2002, and then renovated. The house has a three-tiered, Italianate-style landscaped garden that has been featured on several garden tours.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$7,397,500
4
Condos 3 4 2 11 Avg.Ask:
$7,156,400

Avg.$/sq.ft.:
$2,653/sq.ft.

Avg.Size:
2,698 sq.ft.
20
Condops * 1 0 0 0 Avg.Ask:
$6,350,000

Avg.$/sq.ft.:
$2,540/sqft.

Avg.Size:
2,500 sq.ft.
1
Townhouses 1 0 0 0 Avg.Ask:
$19,440,000

Avg.$/sq.ft.:
$2,859/sq.ft.

Avg.Size:
6,800 sq.ft.
1
TOTALS 7 5 2 12 26
Total Weekly Asking Price Sales Volume: $198,508,000
Average Asking Price: $7,634,923
Median Asking Price: $5,797,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 492
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 25 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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