LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
November 13-19, 2017

30 Contracts Signed

Thirty contracts were signed last week at $4 million and above, one of the strongest weeks of the year. Condos outsold co-ops once again, 17 to 10, but it was the highest number of co-op sales since the last week in March, when 14 co-ops went to contract. There were 3 townhouses in the mix.

The No.1 deal was two adjoining units sold by two different owners to one buyer in the Superior Ink Condominium: 11AB and 11CD at 400 West 12th Street, asking $36.35 million for a total of 7,777 square feet. The price translates to a whopping $4,674/sq.ft. 11AB last sold in 2011 for $15.5 million. The 4-bedroom, 4.5-bathroom unit with 3,661 square feet went on the market in February for $18.5 million. By May it was reduced to $17.85 million. In late September, the neighbor, 11CD, listed at $18.5 million (it last traded for $13,542,725 in 2009) for 5 bedrooms, 4.5 bathrooms, and 4,116 square feet. The prospect of combining the two units, which together span almost 100 feet overlooking the Hudson River, created a rare opportunity. Superior Ink, designed by architect Robert A.M. Stern, has a track record of high prices with units that offer river views and amenities that include a doorman, concierge, garage, fitness center, and children’s playroom.

The No. 2 contract was at a townhouse at 14 Sutton Square, asking $15 million. This 5-story, 17-foot-wide house has 4,950 square feet and is on a cul-de-sac which shares a large beautifully landscaped common garden with 12 other houses that overlook the East River. The house has 6 bedrooms, 7 bathrooms, and an elevator.

The No. 3 contract was a sponsor apartment: 2H at 443 Greenwich Street, asking $13.8 million, raised from $12.15 million when the condo opened for sale in October 2014. It has 3,949 square feet including 4 bedrooms and 4.5 bathrooms. There are 5 sponsor units out of 53 left. The building, a former factory built in the 1880s, retains some of the original details, like large windows and huge shutters. It is also known for celebrity owners including Jennifer Lawrence and Ryan Reynolds and his wife Blake Lively. Amenities include a lap pool, fitness center, a landscaped courtyard, and a roof deck. Thirteen out of the 15 garage spots with valet parking and outlets to service electric cars have been sold at $775,000 each. Two spots have been reserved for PHA, which is being offered at $58 million for a 5-bedroom triplex with 8,569 interior square feet and terraces totaling 3,599 square feet.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 3 0 2 Avg.Ask:
$6,373,800
10
Condos 3 1 3 10 Avg.Ask:
$8,893,471

Avg.$/sq.ft.:
$2,933/sq.ft

Avg.Size:
3,032 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 1 0 Avg.Ask:
$9,916,667

Avg.$/sq.ft.:
$1,715/sq.ft..

Avg.Size:
5,782 sq.ft.
3
TOTALS 10 4 4 12 30
Total Weekly Asking Price Sales Volume: $244,677,000
Average Asking Price: $8,155,900
Median Asking Price: $6,642,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 456
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 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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