LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 18-24, 2019

28 Contracts Signed

Twenty-eight contracts were signed last week at $4 million and above, two more than the previous week—and the highest total since the third week in June, when 33 contracts were signed. Last week’s dollar volume was a robust $213,194,000, and it was also a big week for townhouses--6 went to contract including the No. 1 sale.

Stat Geek Alert: Despite the impressive spike in luxury sales in the last 2 weeks, the first 2 months of 2019 were on track to register a 23% drop in contracts signed at $4 million and above over the same period last year.

The No.1 contract was a townhouse at 1 Sutton Place, asking $18.5 million, reduced from $21 million when it went on the market in September. This brick Georgian house is 20-feet wide and has 7,000 square feet including 6 bedrooms, 6 bathrooms, 2 powder rooms, 6 fireplaces, and an elevator. The house shares a common garden overlooking the East River, and the master suite has water views. It is being sold by the estate of philanthropist Drue Heinz, the wife of the late Jack Heinz II of the ketchup fortune.

The No. 2 contract was the Penthouse at 207 West 79th Street, asking $14.25 million, reduced from $15.45 million when it was listed by the sponsor in March 2017. This new condo has 4,336 square feet including 4 bedrooms, a library, 4.5 bathrooms, and a 49-foot living room. Outdoor space totals 2,501 square feet encompassing a rooftop terrace and balconies off the master and 2nd bedrooms. Building amenities feature a doorman, gym, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 2 0 1 Avg.Ask:
$5,365,000
6
Condos 3 3 1 9 Avg.Ask:
$6,725,438

Avg.$/sq.ft.:
$2,421/sq.ft.

Avg.Size:
2,778 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 1 3 Avg.Ask:
$12,232,000

Avg.$/sq.ft.:
$2,025/sq.ft..

Avg.Size:
6,039 sq.ft.
6
TOTALS 7 6 2 13 28
Total Weekly Asking Price Sales Volume: $213,194,000
Average Asking Price: $7,614,071
Median Asking Price: $6,375,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 488
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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