LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 26-March 4, 2018

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, a solid total especially when you consider the twirling, whirling weather conditions stirred up by the bomb cyclone that swept through the East Coast. Condos outsold co-ops, 17 to 6, and 4 townhouses were in the mix.

The No.1 contract was PH94B at 432 Park Avenue, asking $40.5 million. When the contract was reported, what immediately came to mind, other than the lofty price, was how breathtaking it must have seemed up there with the bomb cyclone whipping through Manhattan. This corner unit has 3,977 square feet including 3 bedrooms, 3.5 bathrooms, and a library. It has South, East, and West panoramic views, 12.5-foot ceilings, and windows that measure 10 x 10 feet. 432 Park has sold over 85% of its 106 units This concrete-and-glass condo, designed by Rafael Vinoly, 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. 2 contract was a townhouse at 9 East 82nd Street, asking $17.5 million, and sold quickly, having been listed in January. This 25-foot-wide limestone house has 9,016 square feet, and has been chopped up into 8 apartments. It has an elevator and high ceilings ranging from 10 feet to almost 13 feet, and it needs a complete renovation. Annual real estate taxes are $141,771.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 3 Avg.Ask:
$5,784,000
6
Condos 2 9 2 4 Avg.Ask:
$9,379,882

Avg.$/sq.ft.:
$3,226/sq.ft.

Avg.Size:
2,908 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 2 0 1 Avg.Ask:
$10,937,500

Avg.$/sq.ft.:
$1,592/sq.ft..

Avg.Size:
6,869 sq.ft.
4
TOTALS 6 11 2 8 27
Total Weekly Asking Price Sales Volume: $237,912,000
Average Asking Price: $8,811,556
Median Asking Price: $6,950,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 366
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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

© 2018
Donna Olshan and Olshan Realty
All Rights Reserved











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