LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 20-26, 2018

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above, a dazzling late August performance in the Manhattan luxury market.

Stat geek alert: Last week’s total marked the 25th week this year that 20 or more contracts were signed at $4 million and above.

The No. 1 contract was Apartment 1602 at 795 Fifth Avenue, asking $22.5 million. This Pierre Hotel co-op has 3 bedrooms, a library, and 3.5 bathrooms. The unit completed a renovation in 2010, and features 10.5-foot ceilings, plus Central Park views from the living room and 2 bedrooms. Hotel services are available to owners, and the monthly maintenance is $19,133.

The No. 2 contract was 11 Hubert Street, asking $19,995,000, reduced from $35 million when it went on the market in February 2017. This 50-foot-wide, 3-story building has 10,218 square feet divided into 2 commercial and 2 residential units. It was purchased for $15.3 million in April 2014, and is being sold with a set of approved building plans designed by Maya Lin, the celebrated architect who at the age of 21 was picked to design the Vietnam Veterans Memorial in Washington, DC. 11 Hubert was supposed to be Lin’s first residential townhouse project in New York City, but after years of planning, the owner decided to sell. Lin’s spectacular design proposes a 20,000-square foot mansion with 5,000 square feet of outdoor space and a contemporary façade that incorporates granite in block-and-brick forms, clear and fritted glass, steel, and perforated metal. The interior plans detail a 4-car garage, an 80-foot indoor swimming pool, a combination basketball and squash court, a movie theatre, a spa with a hot tub, cold plunge, sauna, and steam room, a full gym, a pet room, a game room, a wine room, a catering kitchen, and a security office.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 3 1 1 Avg.Ask:
$8,120,000
6
Condos 1 3 3 9 Avg.Ask:
$7,581,438

Avg.$/sq.ft.:
$2,707/sq.ft.

Avg.Size:
2,801 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$12,747,500

Avg.$/sq.ft.:
$1,659/sq.ft..

Avg.Size:
7,683 sq.ft.
2
TOTALS 2 6 4 12 24
Total Weekly Asking Price Sales Volume: $195,518,000
Average Asking Price: $8,146,583
Median Asking Price: $5,997,500
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 504
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 22 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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