LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 6-12, 2018

12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, the lowest total since the first two weeks in January, when 12 contracts were signed in each of those weeks.

Stat Geek Alert: For the first time since September 2016, not a single co-op went to contract.

The No. 1 contract was a townhouse at 4 Sutton Square, asking $12.995 million, reduced from $19.5 million when it went on the market in October of 2016. The house is one of 6 houses that comprise what is called Sutton Square, which is at the end of East 58th Street, and was purchased for $10.96 million in April of 2005 and then gut renovated. It has 4,004 square feet including 4 bedrooms, 4 bathrooms, 3 powder rooms, 6 fireplaces, and an elevator. It also has 2 terraces on the top floor. The houses on Sutton Square were rebuilt in the 1920s, and share a common garden overlooking the East River.

The No. 2 contract was a brownstone at 58 West 9th Street, asking $11.9 million, reduced from $17 million when it went on the market in August of 2016. This 17-foot-wide, 4-story house has 4,930 square feet including 4 bedrooms, 2 bathrooms, 3 powder rooms, and 10 fireplaces. It was purchased for $8.3 million in 2012 and then gut renovated.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 2 1 6 Avg.Ask:
$6,014,444

Avg.$/sq.ft.:
$2,605/sq.ft.

Avg.Size:
2,309 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 1 2 Avg.Ask:
$10,798,333

Avg.$/sq.ft.:
$2,034/sq.ft..

Avg.Size:
5,309 sq.ft.
3
TOTALS 0 2 2 8 12
Total Weekly Asking Price Sales Volume: $104,366,000
Average Asking Price: $7,285,417
Median Asking Price: $6,925,000
Average Discount from Original Ask to Last Asking Price: 17%
Average Days on Market: 697
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 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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