LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 24-30, 2018

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, sluggish activity that mirrors the same total in the same week last year. The average days on the market was a dismal 521. Prices on average were reduced by 8% off the original asking price before a property went to contract. The top 2 deals were sold by sponsor/developers.

For the seventh time this year, the No.1 contract was at 432 Park Avenue. This time, it was 41C, asking $17.175 million. The condo has 3,575 square feet including 3 bedrooms and 3.5 bathrooms, and features a 29’ x 29’ corner living room. The building is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was 5E at 21 East 61st Street asking $12.5 million, reduced from $15 million when it went on the market in May 2014. It has 4,060 square feet and includes 5 bedrooms and 5.5 bathrooms. A living room, formal dining room, and kitchen with a family room---all face Madison Avenue. The apartment is in the Carlton House, a 16-story building that was built as a hotel in 1950, and was converted into a 69-unit condop by Extell Development. (A condop is a co-op that leases the land and has condo rules.) Amenities include concierge, doorman, a fitness center with a swimming pool, and bike and storage facilities. Many of the units have terraces.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 2 Avg.Ask:
$5,565,000
3
Condos 2 2 2 6 Avg.Ask:
$7,582,083

Avg.$/sq.ft.:
$2,665/sq.ft.

Avg.Size:
2,846 sq.ft.
12
Condops * 1 0 0 0 Avg.Ask:
$12,500,000

Avg.$/sq.ft.:
$3,079/sq.ft.

Avg.Size:
4,060 sq.ft.
1
Townhouses 0 0 0 1 Avg.Ask:
$7,950,000

Avg.$/sq.ft.:
$1,988/sq.ft..

Avg.Size:
4,000 sq.ft.
1
TOTALS 4 2 2 9 17
Total Weekly Asking Price Sales Volume: $128,130,000
Average Asking Price: $7,537,059
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 521
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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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