LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 29-February 4, 2018

26 Contracts Signed

The Manhattan luxury real estate market headed into February with a bang. Twenty-six contracts were signed last week at $4 million and above, the highest total since the week of December 4-10, when 30 contracts were signed. One big reason: the exploding stock market. One big warning: the exploding downturn that happened on Friday when the stock market dropped 666 points. What lies ahead? Stay tuned.

The No.1 contract was 11SN at 995 Fifth Avenue, asking $29.75 million. The 2 separate units were sold together and need to be combined; they span the entire 11th floor of the building with 69 feet overlooking Central Park and the Metropolitan Museum. 11S has 5,947 square feet including 5 bedrooms and 6.5 bathrooms. 11N has 2 bedrooms and 2.5 bathrooms with 2,596 square feet. The units are in the former Stanhope Hotel, which was converted into a condop in 2005. ( This condop is a co-op that leases its land and operates with condo rules.) Amenities include a doorman, concierge, and a fitness center. The monthly maintenance on the two units totals $38,791.

The No. 2 contract was PH55/56 at 23 East 22nd Street, asking $26.95 million, reduced from $37.5 million when it went on the market in September 2013. The duplex condo has 6,620 square feet with spectacular city views and was sold by the sponsor/developers as raw space. The building is known as One Madison. It is a slender, soaring, glass box condo that fell into foreclosure in 2010, and was purchased in 2011 by a partnership between HFZ Capital and Related. Amenities include a doorman, fitness center and pool.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 3 0 0 Avg.Ask:
$7,186,250
8
Condos 2 1 4 6 Avg.Ask:
$7,983,846

Avg.$/sq.ft.:
$2,693/sq.ft.

Avg.Size:
2,965 sq.ft.
13
Condops * 1 0 0 1 Avg.Ask:
$17,000,000

Avg.$/sq.ft.:
$3,240/sq.ft.

Avg.Size:
5,247 sq.ft.
2
Townhouses 0 3 0 0 Avg.Ask:
$5,491,667

Avg.$/sq.ft.:
$1,156/sq.ft..

Avg.Size:
4,751 sq.ft.
3
TOTALS 8 7 4 7 26
Total Weekly Asking Price Sales Volume: $211,755,000
Average Asking Price: $8,144,423
Median Asking Price: $5,180,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 420
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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
All Rights Reserved











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