LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
November 19-25, 2018

12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, a typically low total for a Thanksgiving Day week.

Stat Geek Alert: The lowest total for a Thanksgiving Day week since 2006 when we started keeping track? One. You read that right—one contract was signed. The year was 2008—2 months after the Lehman crash.

The No.1 contract was 9S at 70 Vestry Street, asking $23.5 million, raised from $21 million when it was offered off of floorplans in April 2016. The unit has 4,355 square feet including 4 bedrooms and 4.5 bathrooms, plus 2 terraces totaling 522 square feet. 70 Vestry is a 14-story, 46-unit condo that was designed by Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, garage, 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, and children’s playroom. Nineteen units have closed so far, averaging $3,908/square foot and 3,664 square feet.

The No. 2 contract was M9C at 7 Hubert Street, asking $8.75 million, reduced from $9.25 million when it went on the market in April. This maisonette triplex condo has 4,633 square feet including 3 bedrooms and 3.5 bathrooms, plus its own private entrance on Collister Street. Amenities include a gym, concierge, and children’s playroom. The owner of M9C paid $4.950 million for the unit in 2007.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 3 Avg.Ask:
$4,756,667
3
Condos 0 2 1 4 Avg.Ask:
$9,047,143

Avg.$/sq.ft.:
$2,955/sq.ft.

Avg.Size:
3,061 sq.ft.
7
Condops * 0 0 0 1 Avg.Ask:
$8,300,000

Avg.$/sq.ft.:
$1,976/sq.ft.

Avg.Size:
4,200 sq.ft.
1
Townhouses 1 0 0 0 Avg.Ask:
$5,300,000

Avg.$/sq.ft.:
$1,303/sq.ft..

Avg.Size:
4,066 sq.ft.
1
TOTALS 1 2 1 8 12
Total Weekly Asking Price Sales Volume: $88,445,000
Average Asking Price: $7,370,417
Median Asking Price: $5,147,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 353
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 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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