LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 2-8, 2017

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above including 5 units that broke the $10-million barrier. Those sales contributed to the highest dollar volume in the Manhattan luxury real estate market--$214,759,000--since the end of May.

The No. 1 contract was PHN at 160 Leroy Street, asking $51 million, raised from $48.5 million. The condo has 7,750 square feet including 5 bedrooms, 5 bathrooms, 2 powder rooms, 12.5-foot-high ceilings and 4 working fireplaces, plus a 4,944-square-foot rooftop terrace with an outdoor kitchen and a 27-foot swimming pool. The penthouse originally spanned the entire floor, and was offered at $80 million. But over a year ago, developer Ian Schrager decided to chop it into two units instead of waiting for a record-breaking price for Downtown. PHS sold first, going to contract at the end of June, asking $31.5 million. Designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron, this 57-unit building has amenities that include a landscaped motor court, a doorman, concierge, parking, fitness center, pool, and children’s playroom.

The No. 2 contract was 14D at 15 Central Park West, asking $31.5 million, reduced from $38 million when it went on the market in March. This corner 4-bedroom, 4.5-bathroom condo has 4,170 square feet. A 30-foot living room and the master suite face Central Park. It was purchased in 2007 from the sponsor for $21,274,663. 15 Central Park West is one of the most expensive condos in New York. It is a limestone structure designed by Robert A.M. Stern with a host of amenities including a 14,000-square-foot fitness center that has a 75-foot pool; it also features a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 2 Avg.Ask:
$9,998,500
4
Condos 2 5 1 6 Avg.Ask:
$11,347,500

Avg.$/sq.ft.:
$3,760/sq.ft.

Avg.Size:
3,018 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 1 0 Avg.Ask:
$7,950,000

Avg.$/sq.ft.:
$1,663/sq.ft..

Avg.Size:
4782 sq.ft.
2
TOTALS 3 7 2 8 20
Total Weekly Asking Price Sales Volume: $214,759,000
Average Asking Price: $10,737,950
Median Asking Price: $6,675,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 280
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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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