LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 19-25, 2017

29 Contracts Signed

Twenty-nine contracts were signed last week at $4 million and above, closing out a second quarter where 350 contracts were signed--barely more than the 343 contracts signed during the same period in 2016. The total second-quarter volume of $2,506,526,690 was 10% lower than the $2,786,713,257 in deals over the same period last year. About one-third of all the contracts in both years were sold by developers in new condos.

The sweet spot in the luxury market is properties priced under $6 million. The median price in the second-quarter was $5,949,038, the lowest since 2011. The average time on the market soared to 409 days, a huge increase over the 274 days in the second quarter of 2016. The average price drop from the original asking price—9% before a property went to contract--was the highest in 5 years, indicating that most sellers had unrealistic expectations, and fell into the over-pricing trap.

The No. 1 contract was 14A at 212 West 18th Street, asking $15.2 million, a substantial markup from the $9,418,813 paid in 2013. This Walker Tower condo has 2,831 square feet including 2 bedrooms, 2.5 bathrooms, and a 194-square-foot terrace off a corner master suite. The unit features a dramatic 36-foot living room, a kitchen with Smallbone cabinetry, and a home office. Building amenities include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

The No. 2 contract was a townhouse at 319 East 51st Street, asking $12.9 million, reduced from $14.5 million when it went on the market in May 2016. After being purchased for $4.6 million in 2011, this 5-story, 19-foot-wide house was gut-renovated and expanded to 6,500 square feet. The house has 5 bedrooms, 5 bathrooms, 2 powder rooms, and a rear glass wall that overlooks a Japanese-inspired garden. There is also a terrace off a fifth-floor bedroom and a roof-top terrace. Stat alert: The house is one of six that went to contract last week, the best townhouse week in 6 months.

DOUBLE TROUBLE Two foreclosures have hit the uber-ritzy condo 157 West 57th Street. The 6,240-square-foot 79th floor is scheduled to be auctioned off in the courts on July 19, which is likely the most expensive foreclosure in luxury-development history. It is owned by an offshore LLC linked to Nigerian energy mogul Kola Aluko, who paid $50.9 million in 2014, financed with a $35-million mortgage from Banque Havilland in Luxeumbourg. The foreclosure is part of frozen-assets and money-laundering investigations in Nigeria and Europe. The other foreclosure is 56C, which was scheduled to be auctioned on June 14, but public records of a title transfer have yet to appear. The 3,644-square-foot unit was sold to an LLC for $21.4 million in July 2015 and now carries $20.9 million in debt.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 2 1 0 Avg.Ask:
$6,248,333
3
Condos 2 3 1 14 Avg.Ask:
$6,653,800

Avg.$/sq.ft.:
$2,545/sq.ft.

Avg.Size:
2,614 sq.ft.
20
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 1 2 Avg.Ask:
$6,670,667

Avg.$/sq.ft.:
$1,546/sq.ft..

Avg.Size:
4,316 sq.ft.
6
TOTALS 4 6 3 16 29
Total Weekly Asking Price Sales Volume: $191,857,000
Average Asking Price: $6,615,759
Median Asking Price: $5,450,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 410
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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











Email Olshan Olshan on Twitter Olshan on Facebook