LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 4-10, 2018

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above, as the Manhattan luxury real estate market chugs along at a steady, 20-plus pace. The average discount off the original asking price was 11% before a contract was signed, and the average days on the market was 390.

Stat geek alert: For the first time in more than a year, not a single co-op or condo was sold on the Upper West Side, though one townhouse did go into contract.

The No. 1 contract was the 7th floor at 640 Park Avenue, asking $21 million, reduced from $25 million when it went on the market in February 2017. This full-floor, 14-room co-op has 6 bedrooms and 6.5 bathrooms. It features a living room and dining room that have a 65-foot expanse overlooking Park Avenue. The unit also has 3 fireplaces and a large kitchen.

The No. 2 contract was unit N16B at 565 Broome Street, asking $15.5 million. This duplex condo has 3,576 square feet including 4 bedrooms and 3.5 bathrooms. The downstairs entertaining space features a 2,200-square foot outdoor terrace with its own saltwater pool and outdoor shower, plus a kitchen. This new building was designed by Pritzker-prize-winning architect Renzo Piano, who also designed the new Whitney Museum. Condo amenities include a concierge, gym, a 55-foot indoor lap pool, a steam room, sauna, spa, and yoga studio. There is also a children’s playroom and parking.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 0 1 1 Avg.Ask:
$8,405,833
6
Condos 4 0 2 9 Avg.Ask:
$6,841,667

Avg.$/sq.ft.:
$2,734/sq.ft

Avg.Size:
2,503 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 1 Avg.Ask:
$7,748,333

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

Avg.Size:
4,380 sq.ft.
3
TOTALS 9 1 3 11 24
Total Weekly Asking Price Sales Volume: $176,305,000
Average Asking Price: $7,346,042
Median Asking Price: $5,842,500
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 390
*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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