LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 21-27, 2019

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a total that indicates we will likely end up with the worst January since 2012. Year-to-date, the Manhattan luxury market is down 16 % in contracts signed over the same brief period last year.

Stat Geek alert #1: Last week’s volume of $60,645,000 is the lowest total since the first week in 2014, when $59,245,000 was recorded. Ironically, 2014 ended up to be a peak year in sales.

Stat Geek alert #2: Last week, not a single signed contract exceeded $10 million. That happened only once last year---in the middle of November.

The No.1 contract was the 11th floor at 62 Cooper Square, asking $9.5 million. This 6,700-square-foot condo has 3 bedrooms, and 3 bathrooms. It features an 80-foot living room, ceilings over 10 feet, and 40 windows with North, South, West, and East exposures. The unit is in the Carl Fischer Building, a prewar structure converted into a 26-unit condo in 2001. Amenities include a doorman and fitness room.

The No. 2 contract was 5B at 275 West 10th Street, asking $7.45 million, reduced from $8.45 million when the building, known as the Shephard, opened sales in September 2015. This corner unit has 2,885 square feet with 3 bedrooms and 3.5 bathrooms. Amenities include a doorman, fitness room, children’s playroom, basketball court, golf simulator, and an art room, plus a landscaped garden.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 1 0 0 Avg.Ask:
$4,100,000
1
Condos 4 0 2 4 Avg.Ask:
$5,654,500

Avg.$/sq.ft.:
$1,847/sq.ft.

Avg.Size:
3,061 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 4 1 2 4 11
Total Weekly Asking Price Sales Volume: $60,645,000
Average Asking Price: $5,513,182
Median Asking Price: $5,200,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 599
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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