LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 17-23, 2018

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, a remarkable performance when you consider that only 10 contracts were signed in the same pre-Christmas day week in 2017. Condos outsold co-ops, 11 to 7, and 2 townhouses were in the mix. Sales followed the current retail trend of year-end discounting. On average, properties were discounted 12% off the original asking price before finding a buyer.

For the 9th time this year, the No. 1 spot went to a unit at 432 Park Avenue. This time it was 87B, asking $40.5 million. Boasting Hudson River and Central Park views, 87B has 4,028 square feet including 3 bedrooms, a library, and 4.5 bathrooms. It features 12.5-foot ceilings and windows that measure 10 x10 feet. The condo is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No 2 contract was the 11th floor at 993 Fifth Avenue, asking $22.5 million, reduced from $27.9 million when it went on the market in October 2016. This 12-room co-op has 5 bedrooms and 6 bathrooms. It also includes a 29-foot living room with a fireplace, a paneled library, a master suite, and a bathroom, all of which face Central Park. Amenities include a doorman, gym, and storage. Mortgage financing is not permitted by the co-op board.

Stat Geek Alert: In keeping with our Holiday tradition, Olshan will publish its 2018 Year End Report later today. It will be sent separately to our subscribers. Look for it in a couple of hours.

Happy Holidays to All!!!



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 1 0 1 Avg.Ask:
$8,826,429
7
Condos 1 3 3 6 Avg.Ask:
$9,939,999

Avg.$/sq.ft.:
$3,361/sq.ft.

Avg.Size:
2,958 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$10,425,000

Avg.$/sq.ft.:
$2,106/sq.ft..

Avg.Size:
4,950 sq.ft.
2
TOTALS 6 5 3 8 22
Total Weekly Asking Price Sales Volume: $198,909,990
Average Asking Price: $9,629,772
Median Asking Price: $6,222,500
Average Discount from Original Ask to Last Asking Price: 12%
Average Days on Market: 474
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 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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