LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 2-8, 2018

29 Contracts Signed

The roller coaster volatility of the stock market continued last week—and despite it all, so did the surprising performance of Manhattan’s luxury real estate market. Twenty-nine contracts were signed at $4 million and above, which includes one of the top sales of the year. Go figure.

The No. 1 deal is 71A and 71B at 432 Park Avenue, asking $68.5 million. Each of these adjoining apartments has 3 bedrooms and 4.5 bathrooms. Together they total 8,038 square feet and feature 12.5-foot ceilings and windows that measure 10 x10 feet with views of Central Park and the Hudson and East Rivers. 432 Park is 96 stories tall with 106 units, 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 PH31/33CD at 115 Central Park West, asking $19.5 million, reduced from $24.5 million when it went on the market in September. This triplex co-op is in building called The Majestic. It has 4 bedrooms, 3.5 bathrooms, a formal dining room, and a library. The top floor has a home theater with a golf simulator that opens onto a terrace. The unit is in excellent condition.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 2 Avg.Ask:
$8,900,000
6
Condos 1 9 3 9 Avg.Ask:
$8,861,409

Avg.$/sq.ft.:
$3,087/sq.ft.

Avg.Size:
2,870 sq.ft.
22
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$14,900,000

Avg.$/sq.ft.:
$2,136/sq.ft..

Avg.Size:
7,000 sq.ft.
1
TOTALS 3 11 3 12 29
Total Weekly Asking Price Sales Volume: $263,301,000
Average Asking Price: $9,079,345
Median Asking Price: $5,265,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 359
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 28 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 28 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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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