LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 27-September 2, 2018

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above, a total that is neither too hot nor too cold but just about right for a week heading into Labor Day.

The No. 1 contract was Unit 2 at 13 Harrison Street, asking $11.5 million, reduced from $16.995 million when it went on the market in June of 2017. 13 Harrison is a 24-foot-wide building converted into a condominium with one residential unit and one ground-floor unit with mixed-use zoning for commercial and residential. Unit 2 is the residential portion with 8,442 square feet over 5 floors. It has 6 bedrooms, 6 bathrooms, an elevator, skylights, and terraces that total 1,600 square feet. The contract indicates a loss on sale--the owner paid $13.65 million in June of 2007.

The No. 2 slot was a tie between 2 properties—a co-op and a townhouse, both asking $9.950 million. The co-op is the 17th floor of 812 Fifth Avenue owned by billionaire hedge funder and Milwaukee Bucks co-owner Marc Lasry, who paid $10.6 million in May 2011. This 1-bedroom, 2-bathroom unit has spectacular views of Central Park from the living room, library, and den. The apartment is surrounded by terraces.

The other property asking $9.950 million was a brownstone at 52 West 85th Street, asking $9.950 million. It is owned by Columbia University, and was the former home of Columbia economics professor Jeffrey Sachs. The 20-foot-wide house has 6,266 square feet including 6 bedrooms, 7 bathrooms, 2 powder room, 8 wood-burning fireplaces, and a large garden.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 2 Avg.Ask:
$6,578,000
5
Condos 0 2 2 5 Avg.Ask:
$7,055,722

Avg.$/sq.ft.:
$2,236/sq.ft.`

Avg.Size:
3,155sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$9,425,000

Avg.$/sq.ft.:
$1,946/sq.ft..

Avg.Size:
4,843 sq.ft.
2
TOTALS 2 4 2 8 16
Total Weekly Asking Price Sales Volume: $115,241,500
Average Asking Price: $7,202,594
Median Asking Price: $6,987,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 488
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 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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