LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 28-September 3, 2017

12 Contracts Signed

Stat Geeks Alert! Twelve contracts were signed last week at $4 million and above, the lowest number for the year. The volume was $79.994 million, the lowest total this year. For the first time this year, the top 2 sales were townhouses. And only 1 co-op was in the mix for the first time since the last week in January.

Wait, there’s more—and it is the most dazzling stat of the bunch: The top 3 contracts signed were townhouses, a trio of top sales we have not seen since at least 2010.

The No. 1 contract was a townhouse at 26 Bank Street, asking $19.5 million, reduced from $26 million when it went on the market in February 2016. This 4-story, Greek-Revival house was purchased for $7.25 million in 2009 and then gut-renovated. The 19.5-feet-wide house has 4,625 square feet with 3 bedrooms, 3 bathrooms, and 2 powder rooms. The kitchen opens onto a garden. The top floor has a spectacular glass atelier that opens onto a terrace. The house does not have an elevator.

The No. 2 contract was a townhouse at 417 East 84th Street, asking $9 million, reduced from $9,999,999 when it went on the market in February. The 5-story house is 18-feet wide and has 6,000 square feet including 4 bedrooms, 6.5 bathrooms, and an elevator. It was purchased for $4.4 million in 2008 and then gut-renovated.

IN CASE YOU’RE WONDERING: The No. 3 sale was a townhouse at 41 Bethune Street, asking $7.725 million, reduced from $8.995 million when it went on the market in July 2016. The 3-story, 20-foot-wide house has 2,400 square feet, and is configured as 3 bedrooms and 2.5 bathrooms, plus a garden.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$5,000,000
1
Condos 0 1 1 6 Avg.Ask:
$4,846,125

Avg.$/sq.ft.:
$2,288/sq.ft.

Avg.Size:
2,118 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 2 Avg.Ask:
$12,075,000

Avg.$/sq.ft.:
$2,781/sq.ft..

Avg.Size:
4,342 sq.ft.
3
TOTALS 2 1 1 8 12
Total Weekly Asking Price Sales Volume: $79,994,000
Average Asking Price: $6,666,167
Median Asking Price: $4,864,500
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 362
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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