LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 22-28, 2018

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, capping a month in which a total of only 68 contracts were recorded, a 29% decline over January 2017. What’s more, it was the lowest total since January 2012, when 40 contracts were signed. Among the factors: January is typically a weak month; extreme cold for much of the period kept potential buyers indoors; and some customers paused to assess the impact of the new tax law, which was signed in late December.

The No.1 contract was 3/4E at 271 Central Park West, asking $17.75 million, sold by actor Bruce Willis, who paid $16.995 in March 2015. The duplex co-op with 6 bedrooms and 4.5 bathrooms sold within a week of listing. Upstairs: The living room, formal dining room, eat-in kitchen, and den all face Central Park. Downstairs: 4 of the 6 bedrooms face Central Park.

The No. 2 contract was a townhouse that comes with a rear carriage house at 131 Charles Street, asking $10.8 million, reduced from $13.5 million when it went on the market in April 2015. A rear garden separates the 4-story, 25-foot-wide house and the 2-story carriage house. The main house has 4 bedrooms and 3 bathrooms, while the 900-square-foot carriage house has 2 bedrooms and 2 bathrooms.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 1 Avg.Ask:
$9,068,800
5
Condos 0 0 0 7 Avg.Ask:
$5,174,284

Avg.$/sq.ft.:
$2,342/sq.ft.

Avg.Size:
2,209 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 3 Avg.Ask:
$9,566,667

Avg.$/sq.ft.:
$1,870/sq.ft..

Avg.Size:
5,116 sq.ft.
3
TOTALS 2 2 0 11 15
Total Weekly Asking Price Sales Volume: $110,263,990
Average Asking Price: $7,350,933
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 16%
Average Days on Market: 566
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 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

© 2018
Donna Olshan and Olshan Realty
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