LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 17-23, 2018

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above, an almost identical total to last year’s Yom Kippur week when 17 contracts were signed.

Last week also marked the end of this report’s third quarter, in which 233 contracts were signed, up from last year’s 206, an increase that was fueled by discounts in developer sales. The average days on the market was 450, down from 472 in 2017. Properties on average reduced their asking prices by 8% off the original asking price before they went to contract, on par with last year.

For the sixth time this year, the No.1 contract was at 432 Park Avenue. This time, it was 68B, asking $29.2 million, reduced from $30.9 million when it went on the market in July 2017. The seller paid $27,125,425 for the unit in September 2016. Boasting panoramic city and Central Park views, it has 4,019 square feet including 4 bedrooms and 4.5 bathrooms, and features 12.5-foot ceilings and windows that measure 10 x10 feet. The condo is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was TH2 at 27 East 79th Street, asking $16.85 million. The triplex on the 2nd, 3rd, and 4th floors has 4,445 square feet including 7 bedrooms and 7.5 bathrooms, plus a 696-square-foot garden. This 15-story condo is being built on a 24-foot-wide lot. Amenities include a 24-hour-doorman and storage. Five of the 7 units have gone to contract.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 1 Avg.Ask:
$7,028,798
5
Condos 3 1 1 6 Avg.Ask:
$9,069,864

Avg.$/sq.ft.:
$3,359/sq.ft.

Avg.Size:
2,700 sq.ft.
11
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 1 0 Avg.Ask:
$8,372,500

Avg.$/sq.ft.:
$1,347/sq.ft..

Avg.Size:
6,215 sq.ft.
2
TOTALS 7 2 2 7 18
Total Weekly Asking Price Sales Volume: $151,657,490
Average Asking Price: $8,425,416
Median Asking Price: $6,225,000
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 428
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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