LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 28-June 3, 2018

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the 18th straight week of 20 or more total sales. Condos and co-ops were tied with 10 signed contracts each, and 2 townhouses added to the total.

One interesting note: Only 4 condos were sold by developers, the lowest total of sponsor sales at $4 million and above since mid-January.

Ironically, the No.1 contract was a sponsor sale: The Penthouse at 52 Wooster, asking $13.9 million, reduced from $14.9 when it went on the market a year ago. This duplex condo has 4,270 square feet including 4 bedrooms, 4 bathrooms, and 2 powder rooms, plus a rooftop terrace that has 1,163 square feet and features an outdoor kitchen, fireplace, and hot tub. 52 Wooster is a new 4-unit boutique condo with a virtual doorman and storage, but no other amenities.

The No. 2 contract was 40West at 56 Leonard Street, asking $12.995 million, reduced from $13.950 million when it went on the market in September. The owner paid $10,978,315 in 2016. The condo has 3,412 square feet including 4 bedrooms and 4.5 bathrooms, plus 3 balconies. The unit has ceilings that are over 11 feet and city views. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theater, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 7 3 0 0 Avg.Ask:
$6,213,500
10
Condos 0 3 1 6 Avg.Ask:
$8,094,300

Avg.$/sq.ft.:
$2,929/sq.ft.

Avg.Size:
2,764 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$8,500,000

Avg.$/sq.ft.:
$1,626/sq.ft..

Avg.Size:
5,227 sq.ft.
2
TOTALS 8 6 1 7 22
Total Weekly Asking Price Sales Volume: $160,078,000
Average Asking Price: $7,276,273
Median Asking Price: $6,372,500
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 253
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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