LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 2-8, 2018

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, an impressive total considering that the July 4th holiday blew a hole in the middle of the week. Weekly totals of contracts signed have not dipped below 20 since the end of January.

For only the fifth time this year, the No. 1 contract was a co-op: 14C at 888 Park Avenue, asking $14 million. This 10-room apartment has 4 bedrooms and 4 bathrooms. The baronial living room with a wood-burning fireplace, 2 bedrooms, library, and one bathroom overlook Park Avenue. The unit has been on the market since February 2017, and needs to be renovated.

The No. 2 contract was 50A at 277 Fifth Avenue, asking $12 million. This new condo has 2,333 square feet including 3 bedrooms and 3.5 bathrooms, and features a dramatic 20-foot ceiling in the living room, which opens onto a loggia/terrace measuring approximately 13 x 13 feet . Rafael Vinoly designed this 55-story, 130-unit condo; he was also the architect of 432 Park Avenue. Amenities include a concierge, a fitness center that opens onto a terrace, and a children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 2 Avg.Ask:
$7,898,750
5
Condos 0 7 1 5 Avg.Ask:
$6,765,414

Avg.$/sq.ft.:
$2,650/sq.ft.

Avg.Size:
2,553 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$6,075,000

Avg.$/sq.ft.:
$1,608/sq.ft..

Avg.Size:
3,776 sq.ft.
2
TOTALS 3 8 1 8 20
Total Weekly Asking Price Sales Volume: $138,460,790
Average Asking Price: $6,923,040
Median Asking Price: $7,150,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 269
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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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