LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 23-29, 2018

26 Contracts Signed

What do you want first, the good news or the bad news? After flipping a coin, the good news wins: 26 contracts were signed last week at $4 million and above, the best last week in July since 2006, when we started keeping records. Now for the bad news: The average days on the market was 536 days--you read that right!—and prices were reduced on average 15% off their original asking price before going to contract.

One more stat for you stat geeks out there: Almost half of the apartments that went to contract were sold by developers--a signal that new condos are in discount mode.

The No. 1 deal was 2 units sold to a single buyer who intends to combine them: 1 West End Avenue 29B and 30B for a total asking price of $27.15 million. The units combined have 8,506 square feet of interior space and 3,299 square feet of terrace. 29B is a 4-bedroom duplex with 5,302 square feet and features a 33-foot great room with a double height ceiling that opens onto a 84’ x 49’ terrace with 3 exposures. 30B is a 4-bedroom simplex with 3,204 square feet. 1 West End is a new condo building that offers 35,000 square feet of amenities including a fitness center, a 75-foot pool, 12,000 square feet of terraces with cabanas and an outdoor kitchen, a children’s playroom, and a garage.

The No. 2 contract was a townhouse at 38 Prince Street, asking $23.5 million, reduced from $25 million when it went on the market in November 2015. The house was originally the west wing of the Old Saint Patrick’s School and Convent that was purchased by developers in 2014 for $8,816,009. It has been gut renovated and offers 8,069 square feet including 7 bedrooms, 7 bathrooms, 2 powder rooms, and an elevator. .



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$6,341,667
3
Condos 0 9 3 8 Avg.Ask:
$8,835,000

Avg.$/sq.ft.:
$2,812/sq.ft.

Avg.Size:
3,142 sq.ft.
20
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 1 1 Avg.Ask:
$13,425,000

Avg.$/sq.ft.:
$2,476/sq.ft..

Avg.Size:
5,421 sq.ft.
3
TOTALS 4 9 4 9 26
Total Weekly Asking Price Sales Volume: $236,009,000
Average Asking Price: $9,077,269
Median Asking Price: $7,150,000
Average Discount from Original Ask to Last Asking Price: 15%
Average Days on Market: 536
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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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