LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 28-February 3, 2019

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, which is the lowest total as we swing into February since 2010, when 15 contracts were also signed. Things could always be worse: In the same week in 2009, with the country in the grip of the Great Recession, only 1 contract was signed.

The No.1 contract was a townhouse at 3 East 89th Street, asking $27 million, reduced from $29.5 million when it went on the market in March 2017. This 40-foot-wide, 6-story limestone building has 13,956 square feet, and is being sold by the National Academy Museum. The house has 7 bedrooms and 7 bathrooms with many original details, like a sweeping marble staircase with wrought-iron railings and French doors. It is in need of a complete renovation that could span years and cost millions.

The No. 2 contract was a townhouse at 49 East 68th Street, asking $23 million, Listed last April, this red brick and limestone 6-story house is 25-feet wide and has 10,250 square feet. It was purchased for $20.4 million in November 2017. The interior was then gutted, and is now being delivered as a raw box with a set of approved plans by the NYC Department of Buildings. At one time, it was the home of Mitch Leigh, the Tony Award-winning composer of Man of La Mancha.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 0 Avg.Ask:
$5,741,667
3
Condos 0 0 2 8 Avg.Ask:
$6,464,500

Avg.$/sq.ft.:
$2,308/sq.ft.

Avg.Size:
2,801 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 0 Avg.Ask:
$25,000,000

Avg.$/sq.ft.:
$2,065/sq.ft..

Avg.Size:
12,103 sq.ft.
2
TOTALS 4 1 2 8 15
Total Weekly Asking Price Sales Volume: $131,870,000
Average Asking Price: $8,791,333
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 574
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 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

© 2019
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook Privacy Policy