LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 5-11, 2018

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above, a normal total for this period in previous years. But set against the backdrop of last week’s stock market meltdown and rising interest rates, it raises hopes for a resilient luxury market going forward.

The top spot went to the 77th floor at 432 Park Avenue, but the heaviest activity occurred in the $4- to $6-million range, which included 11 apartments and 4 townhouses.

The top 2 contracts were at 432 Park Avenue, which were sold by separate owners to one buyer: 77B, asking $45 million, and 77A, asking $23 million. 77B has 5,421 square feet, and 77A has 2,633 square feet. The combined price of $68 million pencils out to $8,443/sq.ft., approximately $9 million above what the owners paid in 2016. The units feature 12.5-foot ceilings and windows that measure 10 x10 feet with views of Central Park, the Hudson and East Rivers. 432 Park 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 room, parking, a garden, and a children’s playroom.

The No. 3 contract was PHA at 40 Bleecker Street, asking $10.185 million. The condo has 2,936 square feet including 4 bedrooms and 4.5 baths, plus a wraparound terrace totaling 896 square feet. It was sold off of floorplans. The condo’s offering plan was approved by the Attorney General over a year ago, and the building had been quietly marketed since the fall until its sales office opened last week. Amenities in this 12-story, 61-unit building include a concierge, pool, 11 parking spaces, and a landscaped courtyard.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 2 Avg.Ask:
$5,495,000
5
Condos 2 4 4 5 Avg.Ask:
$10,066,667

Avg.$/sq.ft.:
$3,577/sq.ft.

Avg.Size:
2,814 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 1 2 Avg.Ask:
$5,335,000

Avg.$/sq.ft.:
$1,603/sq.ft..

Avg.Size:
3,329 sq.ft.
4
TOTALS 6 4 5 9 24
Total Weekly Asking Price Sales Volume: $199,815,000
Average Asking Price: $8,325,000
Median Asking Price: $5,725,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 518
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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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