LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 15-21, 2018

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, a dip below the 20-plus benchmark totals that were registered in the previous 2 weeks. Condos outsold co-ops, 13 to 1, and 1 townhouse was sold. The average days on the market was a worrisome 506.

Stat Geek Alert: Urbandigs.com reported that in the overall Manhattan residential market, September contracts were down 14.6% over September 2017’s totals. It also reported that September contracts plummeted 19% from August, an alarming one-month decline. (Urbandigs.com pulls its data from the Real Estate Board of New York Listing Service.) At the end of last week, it also showed 7,077 listings in the Manhattan market, the highest inventory since 2011.

The No. 1 contract was the Penthouse at 1120 Park Avenue, asking $25 million. This prewar triplex co-op spans the 20th thru 22nd floors, and has 5 bedrooms, 5.5 bathrooms, 2 terraces, and Central Park views. The unit has a 29-foot living room with a fireplace that opens onto a 6’ x 38’ terrace. The middle floor has 4 bedrooms and 4 bathrooms. The top floor has a 33-foot great room with a wraparound terrace featuring Central Park views. The unit is designer-decorated.

The No. 2 contract was 5D at 70 Vestry Street, asking $11.295 million. This new condo has 2,536 square feet including 3 bedrooms and 3.5 bathrooms; it has Hudson River views from a 24’ x 25’ great room, master, and 2nd bedroom. 70 Vestry is a 14-story, 46-unit condo designed by architect Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, a fitness center, squash court, and 3 pools--an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, children’s playroom, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$12,448,333
3
Condos 1 3 0 9 Avg.Ask:
$6,986,923

Avg.$/sq.ft.:
$2,588/sq.ft.

Avg.Size:
2,700 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$8,750,000

Avg.$/sq.ft.:
$1,892/sq.ft..

Avg.Size:
4,625 sq.ft.
1
TOTALS 5 3 0 9 17
Total Weekly Asking Price Sales Volume: $136,925,000
Average Asking Price: $8,054,412
Median Asking Price: $7,550,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 506
*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

© 2019
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook Privacy Policy