LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 14-20, 2017

14 Contracts Signed

Summer Bummer Alert! Fourteen contracts were signed last week at $4 million and above, the 8th-straight week that total luxury sales have fallen below 20. The total dollar volume was $87.56 million, the lowest in 53 weeks. More bad news: No contracts were signed above $10 million, the first time that has happened since the Sandy storm—the week of October 29, 2012. It may not be much, but if you’re looking for a sliver of a silver lining, here goes: Six co-ops went to contract, the best week for co-ops since the first week in June.

The No. 1 contract was 8/9A at 830 Park Avenue, asking $8,995,000. This 3-bedroom, 4-bathroom duplex co-op is in excellent condition with interiors by Vicente Wolfe. It has a 30.5-foot living room looking north onto 76th street, a 22-foot kitchen, and a 28-foot master suite.

The No. 2 contract was a townhouse at 236 East 49th Street, asking $8.5 million. This 19-foot-wide house has 5,690 square feet including 5 bedrooms and 6 bathrooms, plus an elevator and central air conditioning. It is one of 20 townhouses that shares the historic Turtle Bay Gardens, which stretches between 48th and 49th Streets, a lush green oasis that shares landscaping services among its owners.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 3 0 2 Avg.Ask:
$5,690,000
6
Condos 3 2 1 1 Avg.Ask:
$6,417,143

Avg.$/sq.ft.:
$3,028/sq.ft.

Avg.Size:
2,119 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 1 0 Avg.Ask:
$8,500,000

Avg.$/sq.ft.:
$1,494/sq.ft..

Avg.Size:
5,690 sq.ft.
1
TOTALS 4 5 2 3 14
Total Weekly Asking Price Sales Volume: $87,560,000
Average Asking Price: $6,254,286
Median Asking Price: $6,050,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 470
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 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
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