LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 7-13, 2018

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above. Condos outsold co-ops, 16 to 5, with 3 townhouses added to the total. Prices were lowered an average of 11% off their original asking price. The increasing negotiability is the single biggest factor in motivating buyers off the sidelines, underscoring the fact that it all comes down to...price.

The No.1 contract was a tie between a condo and a townhouse, each asking $18,750,000--and both selling for less than what the owners paid.

The condo was 44A at 20 West 53rd Street in the Baccarat Hotel and Residences. The unit has 4,545 square feet including 4 bedrooms and 4.5 bathrooms. It has 11-foot ceilings and views of Central Park from a 27’ x 37’ living room. The asking price is below the $20,622,312 paid in May 2015.

The townhouse that tied for the top spot was at 39 East 67th Street, a 5-story, 25-foot-wide limestone house with 11,455 square feet that was once owned by publishing magnate Arthur Scribner. The current asking price of $18.75 million was reduced from $31 million when it went on the market two years ago. It last sold for $22.5 million in October 2014 when the building had 5 tenants in place. The house is now vacant, and the interior has been demolished.

For you stat geeks who can’t get enough: The third property that went to contract was 70 Bethune Street, asking $12.9 million, a townhouse that is part of the condominium at 400 West 12th Street known as Superior Ink. Starting on the market in February 2016 at the same price, this 28-foot-wide house has 4,480 square feet including a basement. It has 6 bedrooms, 6.5 bathrooms, and an elevator.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 1 Avg.Ask:
$7,108,000
5
Condos 2 2 2 10 Avg.Ask:
$7,637,125

Avg.$/sq.ft.:
$2,536/sq.ft.

Avg.Size:
3,012 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 1 Avg.Ask:
$9,865,000

Avg.$/sq.ft.:
$1,574/sq.ft..

Avg.Size:
6,268 sq.ft.
3
TOTALS 6 4 2 12 24
Total Weekly Asking Price Sales Volume: $187,329,000
Average Asking Price: $7,805,375
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 289
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 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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