LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 25-March 3, 2019

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the first time in almost 4 months that the luxury market registered 3 straight weeks of 20+ sales. Townhouses had another strong week with 5 deals reported.

The No.1 contract was PH53 at 56 Leonard Street, asking $27 million, reduced from $35 million when it went on the market in February of 2017, a month after it was purchased for $29,082,694. The unit has 6,400 square feet including 4 bedrooms, 4.5 bathrooms, and 3 terraces. It has 14-foot ceilings in the living room and panoramic views of the city and Hudson River. 56 Leonard, designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron, is a 60-story condo with 145 units. Amenities include a fitness room, 75-foot Infinity-edge lap pool, landscaped sundeck with a hot tub, children’s playroom, conference center, and catering kitchen.

The No.2 contract was a new townhouse at 135 West 11th Street, asking $25 million. This 22.75-foot-wide house has 6,998 square feet including 5 bedrooms, 3 powder rooms, 2 fireplaces, and an elevator. There is 1,200 square feet of outdoor space including a garden and 2 rooftop terraces. The house is part of the Greenwich Lane, a 5-building complex comprised of 193 condos and 5 townhouses all developed by the Rudin Organization and Global Holdings. The townhouse has access to the building amenities that include a concierge, doorman, parking, fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 2 0 1 Avg.Ask:
$4,975,000
7
Condos 3 1 0 6 Avg.Ask:
$10,772,000

Avg.$/sq.ft.:
$3,173/sq.ft.

Avg.Size:
3,395 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 1 2 Avg.Ask:
$14,448,000

Avg.$/sq.ft.:
$2,533/sq.ft..

Avg.Size:
5,705 sq.ft.
5
TOTALS 9 3 1 9 22
Total Weekly Asking Price Sales Volume: $214,790,000
Average Asking Price: $9,763,182
Median Asking Price: $7,325,000
Average Discount from Original Ask to Last Asking Price: 12%
Average Days on Market: 524
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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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