LUXURY MARKET REPORT 2018


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

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, marking the sixth straight week that sales have surpassed the 20-plus benchmark in the Manhattan luxury real estate market. Condos outsold co-ops, 17 to 4.

The No.1 contract was PHB at 20 East End Avenue, asking $27.9 million—the highest sale ever recorded on East End. The apartment is in a new condo building, designed by architect Robert A.M. Stern, that launched sales in 2015. The Penthouse has 6,292 square feet including 5 bedrooms and 5.5 bathrooms; it also has views of the East River from the living room, library, master suite, and 4th bedroom. The formal dining room opens onto a terrace, and the master bathroom has 2 Juliette balconies. There are fireplaces in the living room, master bedroom, and formal dining room. 20 East End is an elegantly-designed limestone building that has 43 units on 17 floors. Units have 11-foot ceilings, and are appointed with high-end, stylish finishes. Amenities include a concierge, drive-in motor court, a fitness center, private dining room with wine storage, a game room, and a junior lounge.

The No. 2 contract was 7B at 834 Fifth Avenue, asking $20 million. This 9-room co-op has 2 bedrooms, plus a 30-foot living room with a fireplace, a library, and a master suite, all of which overlook Central Park. The unit also has an eat-in kitchen with stairs leading up to suite of 3 staff rooms.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 0 Avg.Ask:
$10,923,750
4
Condos 1 7 1 8 Avg.Ask:
$7,533,765

Avg.$/sq.ft.:
$2,745/sq.ft.

Avg.Size:
2,744 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 4 8 1 8 21
Total Weekly Asking Price Sales Volume: $171,769,000
Average Asking Price: $8,179,476
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 422
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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