LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 23-29, 2018

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above. Condos outsold co-ops, 15 to 7, and 3 townhouses were in the mix.

Stat Geek Alert I.: Year-to-date, properties asking $4 million and above were reduced by an average of 9% before a contract was signed. Days on the Market is now averaging 446 as opposed to 387 for the same period in 2017.

Stat Geek Alert II: Year-to-date, 46% of contracts signed on apartments at $4 million and above have been sold by developers---this compared to 37% in the past 2 years during the same time period. Why? Some developers are negotiating lower prices to get deals done and clear the inventory.

The No.1 contract last week was the 85th floor of 157 West 57th Street, asking $59 million, reduced from $70 million when it went on the market in October. This 6,240–square-foot condo has 3 bedrooms, a library, office, eat-in kitchen, and spectacular views of Central Park, the Hudson River, and the city. It was originally purchased for $55.6 million by an LLC in December 2014--the Wall Street Journal Mansion Global reported that the owner is Canadian billionaire Lawrence Stroll. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was a townhouse at 46 East 83rd Street, asking $16.5 million, reduced from $21 million when it went on the market in June 2016. This 18-foot-wide, 6-story house has a modern façade, and a multi-year renovation was begun in 2013. It has 7,522 square feet including 7 bedrooms, 6 bathrooms, 4 powder rooms, an elevator, several wet bars, a media room, and gym. The house has a ground-floor garden and front and back terraces on the top floor.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 2 Avg.Ask:
$7,667,000
7
Condos 0 6 3 6 Avg.Ask:
$9,909,999

Avg.$/sq.ft.:
$3,905/sq.ft.

Avg.Size:
2,538 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 1 Avg.Ask:
$11,496,667

Avg.$/sq.ft.:
$1,512/sq.ft..

Avg.Size:
7,606 sq.ft.
3
TOTALS 6 7 3 9 25
Total Weekly Asking Price Sales Volume: $236,808,990
Average Asking Price: $9,472,360
Median Asking Price: $6,995,000
Average Discount from Original Ask to Last Asking Price: 16%
Average Days on Market: 364
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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