LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 24-30, 2017

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, marking the fifth week in a row that the total number of sales failed to top 20. For those of you looking for a silver lining, here it is:

The No. 1 contract was an extraordinary transaction that might turn out to be the most expensive condo ever sold Downtown: PHS at 70 Vestry Street, asking $65 million for 7,808 square feet including 5 bedrooms, 6 bathrooms, and 2 powder rooms, plus terraces on 3 floors that total 3,687 square feet. The unit offers spectacular Hudson River and city views. If it closes even near this price, it will shatter the Downtown record of $50.9 million, which was set in January 2014 for PH1 in Walker Tower at 212 West 18th Street.

70 Vestry is a 14-story, 46-unit condo that is currently under construction, and is designed by Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, a fitness center, squash court, and 3 pools: an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, and children’s playroom. Parking spots in the building are available for sale.

The No. 2 contract was 9BWest at 11 East 68th Street, asking $10 million. This prewar 3-bedroom, 3.5-bathroom condo has 2,322 square feet. The corner unit has views of Central Park from the living room and kitchen. It was gut renovated and designed by architect Lee Mindel, of Shelton, Mindel & Associates. Amenities include a doorman, concierge, gym, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$5,022,500
2
Condos 4 1 1 8 Avg.Ask:
$10,588,929

Avg.$/sq.ft.:
$3,464/sq.ft.

Avg.Size:
3,057 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$4,999,500

Avg.$/sq.ft.:
$1,526/sq.ft..

Avg.Size:
3,276 sq.ft.
1
TOTALS 7 1 1 8 17
Total Weekly Asking Price Sales Volume: $163,289,500
Average Asking Price: $9,605,265
Median Asking Price: $5,495,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 439
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 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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