LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 21-27, 2018

28 Contracts Signed

Twenty-eight contracts were signed last week at $4 million and above. That makes 126 contracts signed in May, the lowest total for the month of May since 2012, when 107 contracts were signed.

One more data point for you stat geeks out there: Year-to-date, 525 contracts have been signed at $4 million and above, a drop of 8% over the same period last year.

For the second week in a row, and for the fifth time this year, the No. 1 contract was at 432 Park Avenue: 65B, asking $28.25 million, reduced from $32.5 million when it went on the market in April 2017 (It was purchased for $26,601,22 in March 2016). The corner unit has 4,019 square feet including 3 bedrooms, a library, 4.5 bathrooms, and spectacular views of Central Park and the East River. 432 Park is 96 stories high with 106 condo 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 the 55th floor of 45 East 22nd Street, asking $15.995 million, reduced from $20 million when it went on the market in October 2016. It has 4,651 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 a 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 7 1 0 3 Avg.Ask:
$6,909,545
11
Condos 2 2 3 8 Avg.Ask:
$9,197,333

Avg.$/sq.ft.:
$3,052/sq.ft.

Avg.Size:
3,014 sq.ft.
15
Condops * 0 0 0 1 Avg.Ask:
$4,950,000

Avg.$/sq.ft.:
$2,444/sq.ft.

Avg.Size:
2,045 sq.ft.
1
Townhouses 0 0 0 1 Avg.Ask:
$5,995,000

Avg.$/sq.ft.:
$1,988/sq.ft..

Avg.Size:
$3,016 sq.ft.
1
TOTALS 9 3 3 13 28
Total Weekly Asking Price Sales Volume: $224,910,000
Average Asking Price: $8,032,500
Median Asking Price: $6,685,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 334
*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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