LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 10-16, 2018

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above, the weakest performance for mid-December since 2011, when 13 contracts were signed. Condos outsold co-ops, 11 to 3, and 2 townhouses were in the mix. Five properties went to contract asking above $10 million.

Stat Geek Alert: For the 3rd time this year, properties averaged more than 700 days on the market. The other 2 weeks: one in January and one in October.

The No.1 contract was a townhouse at 9 East 84th Street, asking $20.25 million. This 25-foot-wide limestone house has 12,500 square feet including 7 bedrooms and 9 bathrooms. It suffered extensive damage in March 2017, when a fire ripped through the neighboring townhouse at 7 East 84th Street. The house was repaired, and is being delivered as a white box with new mechanical systems and an elevator. The owner paid $15.35 million in April 2007.

The No. 2 contract was PH52B at 56 Leonard, asking $17.75 million, raised from $15 million when it was first offered off of floorplans in 2013. The unit has 3,709 square feet including 4 bedrooms and 4.5 bathrooms, plus a balcony off the master suite. It features 14-foot-high ceilings, and has breathtaking city and Hudson River views. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theaters, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$7,361,667
3
Condos 2 2 0 7 Avg.Ask:
$7,807,273

Avg.$/sq.ft.:
$3,100/sq.ft.

Avg.Size:
2,519 sq.ft.
11
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 1 0 Avg.Ask:
$12,325,000

Avg.$/sq.ft.:
$1,550/sq.ft..

Avg.Size:
7,950 sq.ft.
2
TOTALS 4 3 1 8 16
Total Weekly Asking Price Sales Volume: $132,615,000
Average Asking Price: $8,288,438
Median Asking Price: $5,627,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 728
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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