LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 1-7, 2018

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the first time since the week of August 20 that the total cracked the 20 benchmark.

Stat geek alert: Six townhouses went to contract last week, the largest total of the year.

The No. 1 contract was a townhouse at 34 East 70th Street, asking $22.5 million, reduced from $32.5 million when it went on the market over a year ago. This 37-foot-wide house has 12,439 square feet and was the former home of James Warburg, heir to the banking fortune. It was later divided into apartments. The house needs to be gutted. Annual real estate taxes are $159,383.

The No. 2 contract was Apartment 4A at 33 East 74th Street, asking $15.9 million, reduced from $16.5 million when it went on the market in March of 2017. This 3-bedroom, 3.5-bathroom condo has 3,851 square feet with a corner living room, formal dining room, and eat-in kitchen, all of which face Madison Avenue. It is in a new boutique condo building that was created out of a row of landmark brownstones next to the former Whitney Museum. The owner of 4A paid $15,782 875 in February 2016. Annual real estate taxes are $149,837.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$5,648,500
4
Condos 2 4 1 5 Avg.Ask:
$7,487,083

Avg.$/sq.ft.:
$2,681/sq.ft.

Avg.Size:
2,792 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 3 0 0 3 Avg.Ask:
$9,306,500

Avg.$/sq.ft.:
$1,818/sq.ft..

Avg.Size:
5,119 sq.ft.
6
TOTALS 7 5 1 9 22
Total Weekly Asking Price Sales Volume: $168,279,000
Average Asking Price: $7,649,045
Median Asking Price: $5,860,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 349
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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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