LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 13-19, 2018

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, a 58% increase over the previous week (August 6-12), when 12 contracts were signed. Over half of the apartments were sold by developers.

Stat geek alert.: For the 7th time this year, the No.1 or No. 2 slot went to 432 Park. And for the 3rd time this year, the No. 1 or No. 2 slot went to 157 West 57th Street.

The No. 1 contract was the 77th floor at 157 West 57th Street, asking $44 million, reduced from $52 million when it went on the market in February of 2017. The condo has 6,240 square feet including 4 bedrooms and 4.5 bathrooms, with 11’-9” ceilings and panoramic views of Central Park and the city. The unit has a 58-foot living room facing Central Park and a 30-foot master bedroom. The contract represents a loss on sale--the owner paid $47,782,187 in May 2015 when it was purchased from the developer, Extell. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was 40C at 432 Park Avenue, asking $16.95 million; it was sold by the sponsor CIM Group and Macklowe Properties. The corner unit has 3,575 square feet including 3 bedrooms and 3.5 bathrooms. It features a 29’ x 29’ living room, 12.5-foot ceilings, and north, south, and west views from windows that measure 10 x10 feet. This new condo is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$8,832,500
3
Condos 2 2 3 6 Avg.Ask:
$9,475,385

Avg.$/sq.ft.:
$3,417/sq.ft.

Avg.Size:
2,773 sq.ft.
13
Condops * 0 0 0 1 Avg.Ask:
$8,495,000

Avg.$/sq.ft.:
$2,661/sq.ft.

Avg.Size:
3,193 sq.ft.
1
Townhouses 0 1 0 1 Avg.Ask:
$7,072,500

Avg.$/sq.ft.:
$1,197/sq.ft..

Avg.Size:
5,908 sq.ft.
2
TOTALS 3 4 3 9 19
Total Weekly Asking Price Sales Volume: $172,317,500
Average Asking Price: $9,069,342
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 676
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 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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