LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 25-31, 2017

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a typically sleepy post-Christmas Day week.

In real estate as in life, if you try hard enough, you can always find a silver lining. Two penthouses went to contract at 432 Park Avenue—the No. 1 and No. 2 spots of the week: PH91A, asking $40.25 million, and PH91B, asking $39.75 million. The full floor totals 7,929 square feet, and has extraordinary views in all directions. Each condo has 3 bedrooms and 3 bathrooms; the A-line has 3,952 square feet and the B-line has 3,977 square feet. The units feature 12.5-foot ceilings and windows that measure 10 x 10 feet. 432 Park Avenue is 96 stories high with 106 units, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.

FUN FACT # 1: PH91A and PH91B were bought by the same buyer.

FUN FACT #2: Eight contracts were signed at 432 Park in December, including 3 other adjoining penthouses (92A, 92B and 93B) sold to a different single buyer for $91.25 million; they went to contract on December 4 and closed 2 weeks later. The 8 units totaled $232 million, which translates to $7,292/sq.ft.

FUN FACT #3: The No. 3 contract was a brownstone at 160 East 70th Street, asking $10.175 million. It was the only house sold in Manhattan last week, and is being flipped after closing for $9.35 million in May. The 5-story, 20-foot-wide house has 7,590 square feet and is divided into 2 units. It needs a total renovation.

Happy New Year!



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 1 Avg.Ask:
$7,625,000
2
Condos 2 2 2 2 Avg.Ask:
$15,118,125

Avg.$/sq.ft.:
$4,763/sq.ft.

Avg.Size:
3,174 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$10,175,000

Avg.$/sq.ft.:
$1,341/sq.ft..

Avg.Size:
7,590 sq.ft.
1
TOTALS 4 2 2 3 11
Total Weekly Asking Price Sales Volume: $146,415,000
Average Asking Price: $13,310,455
Median Asking Price: $7,495,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 490
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 10 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

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Donna Olshan and Olshan Realty
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