LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 4-10, 2017

14 Contracts Signed

Coming off a Labor Day holiday, you don’t normally expect a banner week in sales. And last week was no exception--only14 contracts were signed at $4 million and above. What’s not so normal is that last week marked the 11th-straight week of sub-20 contracts signed, the weakest stretch since 2012.

The No. 1 contract was the Penthouse at 78 Irving Place, asking $20.9 million. This 4,420-square-foot triplex has 4 bedrooms and 5.5 bathrooms, plus a rooftop terrace with 903 square feet outfitted with a kitchen. Four apartments in this new 7-unit condo went to contract last week, and the building is now sold out. This gut-renovated building has a doorman but no other amenities.

The No. 2 contract was PHB at 305 East 51st Street, asking $11.75 million. The penthouse is being sold by the sponsor HFZ Capital, which bought out its equity partner CIM last month, paying $5,306,386 for PHB. This duplex penthouse has 4 bedrooms and 4.5 bathrooms, plus 2 terraces totaling 1,365 square feet. The unit has dramatic views that include the East River. It is in a new condo called the Halcyon, which has a robust package of amenities including doorman, concierge, garage and a 52-foot pool, plus a sun deck, sauna, fitness center, golf simulator, lounge/library, and bicycle storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$4,547,500
2
Condos 1 1 2 7 Avg.Ask:
$8,814,091

Avg.$/sq.ft.:
$3,164/sq.ft.

Avg.Size:
2,786 sq.ft.
11
Condops * 1 0 0 0 Avg.Ask:
$4,995,000

Avg.$/sq.ft.:
$3,027/sq.ft.

Avg.Size:
1,650 sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 4 1 2 7 14
Total Weekly Asking Price Sales Volume: $111,045,000
Average Asking Price: $7,931,786
Median Asking Price: $5,935,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 680
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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