LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
November 12-18, 2018

14 Contracts Signed

Only 14 contracts were signed last week at $4 million and above, a disappointing total after 3 straight weeks of 20 or more sales. Condos outsold co-ops, 7 to 6, with 1 townhouse in the mix.

Stat Geek Alert: For the first time since September 2017, not one contract was signed for $10 million or more.

The No. 1 contract was 29A at 255 East 74th Street, asking $7,995,000, reduced from $8.495,000 when it went on the market in October. The owner paid $7.6 million in July 2017. The condo has 3,505 square feet including 5 bedrooms, 3.5 bathrooms, and panoramic city views. The unit also has a 37-foot living room with 10-foot ceilings and an eat-in kitchen. Amenities include a concierge, children’s playroom, and access to an Equinox gym in the building for a separate fee.

The No.2 contract was PHA at 410 West 24th Street, asking $7.95 million, reduced from $8.4 million when it was listed in May. This co-op has been featured in Architectural Digest and is in an art deco complex of buildings known as London Terrace. The unit has 2 bedrooms, one of which was converted into an office/library. It also features 11-foot ceilings, a fireplace, and a wraparound terrace. Amenities include a doorman, gym, pool, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 2 Avg.Ask:
$5,705,833
6
Condos 1 2 0 4 Avg.Ask:
$6,428,571

Avg.$/sq.ft.:
$2,384/sq.ft.

Avg.Size:
2,697 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$5,595,000

Avg.$/sq.ft.:
$1,221/sq.ft..

Avg.Size:
4,584 sq.ft.
1
TOTALS 4 4 0 6 14
Total Weekly Asking Price Sales Volume: $84,830,000
Average Asking Price: $6,059,286
Median Asking Price: $5,972,500
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 308
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 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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