LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 22-28, 2018

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, fueled once again by discounts. The average price was slashed by 17% off the original asking price before a property went to contract. The average days on the market swelled to 541.

The No.1 contract was 58/59B at 252 East 57th Street, asking $13.875 million, reduced from $14.875 when it was listed off of floorplans in September 2014 by the developer. Now completed, the duplex condo has 4,516 square feet with 5 bedrooms and 5.5 bathrooms, and a 40-foot living room featuring spectacular views of Central Park and the East River. It also has 11-foot-high ceilings. The building was designed by Skidmore, Owings & Merrill, and amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen, dining room, bicycle and storage rooms, and furnished guest suites. A play space and grooming station for dogs are also available.

The No. 2 contract was a townhouse at 30 Sullivan Street, asking $12.5 million, reduced from $13.95 million when it went on the market in April. The owner paid $8,233,333 in August 2016. The house is 25 feet wide with 5,900 square feet plus terraces totaling 1,525 square feet. The house is in mint condition with 11-foot ceilings, 4 bedrooms, 4 bathrooms, a staff room, and 3 powder rooms.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 2 Avg.Ask:
$6,048,750
4
Condos 1 1 2 9 Avg.Ask:
$7,720,769

Avg.$/sq.ft.:
$2,830/sq.ft

Avg.Size:
2,728 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 3 Avg.Ask:
$7,998,625

Avg.$/sq.ft.:
$2,348/sq.ft..

Avg.Size:
3,407sq.ft.
4
TOTALS 3 2 2 14 21
Total Weekly Asking Price Sales Volume: $156,559,500
Average Asking Price: $7,455,214
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price: 17%
Average Days on Market: 541
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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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