LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 26-July 2, 2017

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, the lowest total going into the 4th of July weekend since 2013, when 16 contracts were signed. Oddly enough, 2013 was one of the best years for luxury real estate in Manhattan.

The No. 1 contract was PHS at 160 Leroy Street, asking $31.5 million. Sold off of floorplans and renderings, the condo has 4,849 square feet including 4 bedrooms and 4.5 baths, plus a 2,616-square-foot rooftop terrace that is being delivered with an outdoor kitchen, partial landscaping, and a hot tub. Designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron, the penthouse originally spanned the entire floor, and was offered at $80 million. But over a year ago, developer Ian Schrager decided to chop it into two units instead of waiting for a record-breaking price for Downtown. Amenities in this 49-unit building include a landscaped motor court, a doorman, concierge, parking, fitness center, pool, and children’s playroom.

The No. 2 contract was unit F at 1110 Park Avenue, asking $17,995,000. It is a 5,702-square-foot duplex including 5 bedrooms and 5.5 bathrooms that was purchased a year ago for $17,615,815 and re-listed in January. It spans the 8th and 9th floors of a new 9-unit condo built by Toll Brothers. The top floor has the entertaining space, with the living room and library facing Park Avenue. Amenities include a doorman, fitness area, and a wine room.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$4,747,500
2
Condos 2 4 1 7 Avg.Ask:
$8,977,714

Avg.$/sq.ft.:
$3,077/sq.ft.

Avg.Size:
2,918 sq.ft.
14
Condops * 1 0 0 0 Avg.Ask:
$10,000,000

Avg.$/sq.ft.:
$5,063/sq.ft.

Avg.Size:
1,975 sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 5 4 1 7 17
Total Weekly Asking Price Sales Volume: $145,183,000
Average Asking Price: $8,540,176
Median Asking Price: $5,050,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 438
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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