LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 1-7, 2018

12 Contracts Signed

Bombogenesis discombobulated the weather in Manhattan last week, and it also iced the luxury real estate market. Only 12 contracts were signed at $4 million and above, the lowest total for the first week of a new year since 2012.

The No.1 contract was 5E at 10 Madison Square West (a.k.a 1107 Broadway), asking $10.5 million, reduced by $1 million when it went on the market in August 2017. The corner unit has 2,871 square feet including 3 bedrooms and 3.5 bathrooms. The living room, kitchen, and master bedroom face Madison Square Park. The seller originally signed a contract in July 2013 when the building was being constructed and closed in March 2016 for $8,655,125. Amenities include a 10,000-square-foot fitness area with a 50-foot lap pool.

The No. 2 contract was 29C at 1 West End Avenue, asking $8.950 million. The unit has 3,917 square feet including 4 bedrooms, 4.5 bathrooms, and 11-foot ceilings. This new condo building offers a robust amenity package including a fitness center, a 75-foot pool, 12,000 square feet of terraces with cabanas and an outdoor kitchen, a children’s playroom, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 3 0 1 Avg.Ask:
$5,278,000
5
Condos 0 2 0 5 Avg.Ask:
$7,356,429

Avg.$/sq.ft.:
$2,602/sq.ft.

Avg.Size:
2,827 sq.ft.
7
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 1 5 0 6 12
Total Weekly Asking Price Sales Volume: $77,885,000
Average Asking Price: $6,490,417
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 371
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 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

© 2018
Donna Olshan and Olshan Realty
All Rights Reserved











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