LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 8-14, 2018

23 Contracts Signed

Twenty-three contracts were signed last week at $4 million and above. Only 1 co-op was sold, and 11 of 17 condos were sold by developers, including 5 by the sponsor of the Belnord at 225 West 86th Street. This prewar building is being converted from a rental to a condominium, and the developer reportedly has been offering aggressive discounts—particularly on un-renovated units.

Stat Geek Alert: In the past 2 weeks, there have been a flurry of townhouse contracts--11 in total, the most since January 2017. On average, the 11 houses dropped their prices by 19% from the original asking price to $1,808/sq.ft. before a contract was signed, and average days on the market was 265. The houses averaged 22 feet wide and 5,026 square feet.

For the eighth time this year, the No.1 contract was at 432 Park Avenue. This time, it was 72B, asking $30.9 million; it went to contract within 3 weeks of listing. The seller paid $27,507,063 for the unit in July 2016. Boasting panoramic city and Central Park views, 72B has 4,019 square feet including 4 bedrooms and 4.5 bathrooms, and features 12.5-foot ceilings and windows that measure 10 x10 feet. Included in the sale was unit 28K, a 379-square foot service suite. The condo 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 a brownstone at 24 West 71st Street, asking $11.995 million, reduced from $15 million when it went on the market in March. The owner paid $13,715,675 in December 2017. The 5-story, 20-foot-wide house has 8,820 square feet including 6 bedrooms, 5.5 bathrooms, 10 fireplaces, and an elevator. It was built in 1888 and has many original oak details.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$4,900,000
1
Condos 1 7 2 7 Avg.Ask:
$7,099,412

Avg.$/sq.ft.:
$2,865/sq.ft.

Avg.Size:
2,477 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 0 2 Avg.Ask:
$7,819,000

Avg.$/sq.ft.:
$1,591/sq.ft..

Avg.Size:
4,915 sq.ft.
5
TOTALS 4 8 2 9 23
Total Weekly Asking Price Sales Volume: $164,685,000
Average Asking Price: $7,160,217
Median Asking Price: $5,200,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 212
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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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