LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 25-October 1, 2017

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, an anticipated mediocre performance due in part to the Jewish High Holidays. I say “in part” because the 3rd-quarter trend in the Manhattan luxury real estate market was decidedly weaker than in previous years. In fact, it was the weakest third quarter since 2012, and 11% below last year’s results for both contracts signed (206) and total volume ($1,623,211,470).

For the third time this year, a unit at the new condo 252 East 57th Street has taken the No.1 spot: 64A, asking $13.7 million. This 4,600-square-foot apartment has 5 bedrooms and 6.5 bathrooms, a 38-foot living room with a working fireplace, a balcony, and spectacular views of Central Park and the East River. It also has 12.5-foot-high ceilings. The building was designed by Skidmore, Owings & Merrill, and 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, 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 10G at 10 Gracie Square, asking $10 million, reduced from $11.5 million when it went on the market in June 2016. This corner duplex co-op has 5 bedrooms, 4 bathrooms, and spectacular East River views from the living room, dining room, master suite, and 2nd bedroom. The unit has 11-foot-high ceilings and 2 working fireplaces. Its renovation was completed in 2005.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$9,725,000
2
Condos 1 3 2 9 Avg.Ask:
$6,273,333

Avg.$/sq.ft.:
$2,502/sq.ft.

Avg.Size:
2,507 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 3 3 2 9 17
Total Weekly Asking Price Sales Volume: $113,550,000
Average Asking Price: $6,679,412
Median Asking Price: $5,495,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 426
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 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











Email Olshan Olshan on Twitter Olshan on Facebook