LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 3-9, 2017

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above, one more than the previous week. Nothing to party about, but we’ll take it: After all, July 4th blew a hole in the week as many buyers evacuated the city for fireworks elsewhere.

The No. 1 contract was the 33rd floor at 50 Central Park South, asking $27.5 million, reduced from $50 million when it went on the market five years ago. This Ritz Carlton condo has 4,536 square feet with a 73-foot expanse overlooking Central Park from the living room, library, formal dining room, breakfast room, and master suite. It is configured as 2 bedrooms plus a gigantic sitting area and 3.5 bathrooms, with decorating by Michael Smith, the interior designer for the Obamas in the White House. The unit was purchased for $18,875,000 in 2007 by Oaktree Capital founder and co-chairman Howard Marks and wife Nancy.

The No. 2 contract was a 25-foot-wide townhouse at 16 East 82nd Street, asking $12.25 million, reduced from $14.95 million when it went on the market in May 2016. This house needs a complete renovation, and was chopped up into 6 units plus an occupied ground-floor doctor’s office. Two of the apartments have rent-stabilized tenants.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$6,312,250
4
Condos 1 2 3 6 Avg.Ask:
$7,196,667

Avg.$/sq.ft.:
$3,171/sq.ft.

Avg.Size:
2,270sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$12,125,000

Avg.$/sq.ft.:
$1,828/sq.ft..

Avg.Size:
$6,634 sq.ft.
2
TOTALS 4 3 3 8 18
Total Weekly Asking Price Sales Volume: $135,859,000
Average Asking Price: $7,547,722
Median Asking Price: $5,650,000
Average Discount from Original Ask to Last Asking Price: 20%
Average Days on Market: 455
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 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

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











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