LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 18-24, 2017

10 Contracts Signed

Ten contracts were signed last week at $4 million and above, a disappointing total when you consider that 17 contracts were signed last year in the week leading up to Christmas. Which raises the question: a blip in the market or an early-warning sign of the impact of Trump’s tax bill that caps state, local, and property tax deductions at $10,000? Time will tell.

The No.1 contract was a brownstone at 29 West 75th Street, asking $17,999,999. This 22-foot-wide, 5-story house was purchased for $3,487,500 in December 2003, and then gut- renovated. The house has approximately 9,800 square feet including 7 bedrooms, 8 bathrooms, and an elevator. It was expanded by using most of the 102-foot-deep rear lot. Outdoor space consists of a small garden on the ground floor and a 28-foot terrace on the 4th floor off a family room in the back.

The No. 2 contract was PH1 at 21 West 20th Street, asking $10.95 million, reduced from $13.25 million when it started on the market 13 months ago. This new penthouse condo has 4,841 square feet including 4 bedrooms and 4.5 bathrooms. It has 2 south-facing terraces totaling 541 square feet that are off the living room and master suite. Amenities in this 13-unit building include a doorman.

The Olshan Luxury Report will be releasing its annual Year End Report tomorrow, wrapping up the results of 2017.

Happy Holidays to All!!!!



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 2 0 1 Avg.Ask:
$6,048,750
4
Condos 0 1 0 4 Avg.Ask:
$6,940,000

Avg.$/sq.ft.:
$2,213/sq.ft.

Avg.Size:
3,136 sq.ft.
5
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$17,999,999

Avg.$/sq.ft.:
$2,338/sq.ft..

Avg.Size:
7,698 sq.ft.
1
TOTALS 1 4 0 5 10
Total Weekly Asking Price Sales Volume: $76,894,999
Average Asking Price: $7,689,500
Median Asking Price: $6,600,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 521
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2018
Donna Olshan and Olshan Realty
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