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August 25-31, 2014
Report on Contracts Signed
NYC Residential
Properties
$4 Million and Above
22 Contracts Signed
How did this July and August compare to the same 2 months last year in the Manhattan luxury real estate market? Surprisingly, it was practically a dead heat. The score was 193 to 191, with 2014 edging out 2013 for contracts signed at $4 million and above. There was, however, one notable difference: 26% more condos were sold off of floorplans during the last 2 months. For an explanation, look no further than 30 Park Place, where the new Four Seasons condo has sold 32 units at $4 million and above, averaging $2,969/sq.ft., since July 1.
The top 3 contracts of the week were all in a new condo at 551 West 21st Street. No. 1 and No 2 were 17A and 10A, asking $18.5 million and $14.3 million, respectively. Both units are 4,271 square feet with 4 bedrooms and 4.5 bathrooms. The No.3 contract was Unit 17B, asking $14 million for 3,860 square feet, which includes 3 bedrooms and 3.5 bathrooms.
These units are being sold off of floorplans in a new High Line area condo designed by Foster + Partners, home of the Pritzker Prize-winning architect Lord Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting contracts signed on 20 out of 44 units, averaging $3,039/sq.ft..
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 25-31, 2014
| |
East |
West |
Midtown |
Downtown |
Asking $/sq.ft. |
Totals |
Co-ops |
2 |
0 |
0 |
0 |
Avg.Asking:$6,875,000
|
2 |
Condos |
1 |
0 |
3 |
14 |
Avg.Asking:$7,256,389
Avg$/sq.ft.:$2,816/sq.ft.
Avg.Size:2,577sq.ft. |
18 |
Condops * |
1 |
0 |
0 |
0 |
Avg.Asking:$9,000,000
Avg.$/sqft.$3,856/sq.ft.
Avg.Size:2,334sq.ft. |
1 |
Townhouses |
0 |
1 |
0 |
0 |
Avg.Asking:$5,900,000
Avg.$/sq.ft.:$894/sq.ft.
Avg.Size:6,600sq.ft. |
1 |
Totals |
4 |
1 |
3 |
14 |
|
22 |
Total Weekly Asking Price Sales Volume: $159,265,000
Average Asking Price: $7,239,318
Median Asking Price: $5,825,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:115
*Condop is a co-op with condo rules.
TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
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http://media.realplusonline.com/webreports/1410282c80a394.htm
Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com
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