LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 30-May 6, 2018

28 Contracts Signed

Twenty-eight contracts were signed last week at $4 million and above, as condos outsold co-ops, 22 to 5, plus 1 townhouse adding to the total. The Spring condo market has been getting a boost thanks to some developers who have been negotiating healthy discounts north of 10%. Prime examples were last week’s No. 1 and No. 2 contracts.

That would be 52B, asking $29.950 million, and 61B, asking $29 million, at 157 West 57th Street--both sold by the sponsor Extell. 52B has 5,475 square feet including 5 bedrooms and 5.5 bathrooms. 61B, decorated by Jeffrey Beers, has 4,193 square feet including 3 bedrooms and 3.5 bathrooms. Both condos have smashing Central Park views. According to Bloomberg, Extell eventually discounted these units and sold them in the $24 million range. Two recent sponsor sales in this same building averaged 15% discounts. 36 sponsor units are left out of the 90 that went on the market in 2012. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story 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. 3 contract was also a sponsor condo sale--this one the 61st floor at 45 East 22nd Street, asking $24.65 million. It has 4,664 square feet including 4 bedrooms, 4.5 bathrooms, and panoramic views of Madison Square Park and the entire city. Five floors of amenities include a concierge, doorman, a fitness center with boxing and private training suite, golf simulator, basketball court, playroom for children, library, billiards and card rooms, terrace with outdoor grill, and 2 entertaining lounges on the 54th floor.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 2 0 2 Avg.Ask:
$9,160,000
5
Condos 4 3 5 10 Avg.Ask:
$9,224,045

Avg.$/sq.ft.:
$3,346/sq.ft.

Avg.Size:
2,757 sq.ft.
22
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$11,500,000

Avg.$/sq.ft.:
$1,769/sq.ft..

Avg.Size:
6,500 sq.ft.
1
TOTALS 6 5 5 12 28
Total Weekly Asking Price Sales Volume: $260,228,990
Average Asking Price: $9,293,893
Median Asking Price: $5,442,500
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 666
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 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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