LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 31-August 6, 2017

14 Contracts Signed

Summer Bummer Alert! Fourteen contracts were signed last week at $4 million and above, the sixth straight week that total sales fell below 20. The volume of $101,689,990 in contracts was the lowest since the last week in January. One reason for the persistently low totals: the paucity of sales by developers. For example, only 4 new condo units went to contract last week.

The No. 1 contract was 56A at 252 East 57th Street, asking $14.65 million, reduced from $19 million when it went on the market in 2015. This 4,972-square-foot unit has 5 bedrooms, 5.5 bathrooms, a library, a 39-foot living room with a balcony, and spectacular views of Central Park and the East River. The condo has 10.5-foot ceilings, and is in a new building designed by Skidmore, Owings & Merrill. Amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen and dining room, bicycle and storage rooms, and furnished guest suites. There is also a play space and grooming station for your dog.

The No. 2 contract was PHB at 73 Wooster, asking $13.75 million, reduced from $14.45 million when it went on the market in March. This duplex has 5,230 square feet including 4 bedrooms, 4.5 bathrooms, a 46-foot living room with a gas fireplace and 15-foot ceilings. Upstairs is a media room with a wet bar that opens onto a 2,292-square-foot terrace. The penthouse is in a 6-unit, 4-story condo with a doorman. The seller purchased PHB from the developer for $6,489,816 in 2004.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$5,300,000
3
Condos 1 0 3 5 Avg.Ask:
$8,110,554

Avg.$/sq.ft.:
$2,689/sq.ft.

Avg.Size:
3,016 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$6,397,500

Avg.$/sq.ft.:
$1,170/sq.ft..

Avg.Size:
5,469 sq.ft.
2
TOTALS 2 1 3 8 14
Total Weekly Asking Price Sales Volume: $101,689,990
Average Asking Price: $7,263,571
Median Asking Price: $5,485,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 373
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 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
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