LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 11-17, 2019

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, the first time the luxury market reached the 20+ sales benchmark since the end of December. Why this spike in signed contracts? One theory: a perfect storm of a year-to-date stock market surge, stubbornly low interest rates, and sellers continuing to cut prices.

Are we experiencing a one-week wonder or the start of a Spring-season rebound? Stay tuned.

The No.1 contract was PHE at 11 East 68th Street, asking $36 million. This prewar triplex condo has 7,058 square feet including 6 bedrooms, 7 bathrooms, 4 fireplaces, and 4 terraces that total approximately 2,900 square feet. The unit was purchased as a white box in 2016 for $37,443,583 by Hirschfeld Properties/Elie Hirschfeld and then renovated.

The No. 2 contract was a townhouse at 11 East 82nd Street, asking $29.5 million, reduced from $44 million when it went on the market in November 2017. This 25-foot-wide limestone house has 12,729 square feet including 9 bedrooms, 7 bathrooms, 3 terraces, a garden and an elevator. The sellers are Broadway Producers Janet and Howard Kagan (The Last Comet, the revival of Pippin) who purchased the home for $24.450 million in October 2009.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 1 0 2 Avg.Ask:
$8,286,750
8
Condos 3 2 2 7 Avg.Ask:
$9,262,571

Avg.$/sq.ft.:
$2,952/sq.ft

Avg.Size:
3,138 sq.ft.
14
Condops * 0 0 0 1 Avg.Ask:
$4,195,000

Avg.$/sq.ft.:
$1,866/sq.ft.

Avg.Size:
2,248 sq.ft.
1
Townhouses 1 0 0 2 Avg.Ask:
$14,898,333

Avg.$/sq.ft.:
$2,326/sq.ft..

Avg.Size:
6,406 sq.ft.
3
TOTALS 9 3 2 12 26
Total Weekly Asking Price Sales Volume: $244,860,000
Average Asking Price: $9,417,692
Median Asking Price: $5,700,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 396
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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