LUXURY MARKET REPORT 2019


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
January 7-13, 2019

13 Contracts Signed

Thirteen contracts were signed last week at $4 million and above, one more than during the same period in 2018. Condos outsold co-ops, 7 to 3, and 3 townhouses were in the mix.

The No.1 contract was 95A at 432 Park Avenue, asking $41.25 million. The developers, Harry Macklowe and CIM, also scored the top sale on the same floor in the final week of December by closing 95B at $30,191,920, a 26% discount off the asking price. Apartment 95A is a corner unit with 3,952 square feet including 3 bedrooms, a library, and 3.5 bathrooms. It features a 29’ x 29’ living room, an eat-in kitchen, and a 30-foot master suite. The unit has spectacular Central Park, Hudson and East River views. The building is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was 60B at 157 West 57th Street, asking $28.9 million and sold by the developer Extell. The unit reportedly went to contract in the $22-million range. The 3-bedroom, 3.5-bathroom unit has 4,193 square feet including a 43’ x 30’ living room, an over 1000-square-foot master suite, and an entrance gallery—all with Central Park views. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel, and has a separate entrance for its 210 rooms. Amenities include the use of the hotel’s fitness center and pool, and the condo has its own a private dining room, a library lounge, performance space, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$5,481,667
3
Condos 0 2 4 1 Avg.Ask:
$15,605,000

Avg.$/sq.ft.:
$5,617/sq.ft.

Avg.Size:
2,778 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 1 0 Avg.Ask:
$6,065,000

Avg.$/sq.ft.:
$1,282/sq.ft..

Avg.Size:
4,733 sq.ft.
3
TOTALS 3 3 5 2 13
Total Weekly Asking Price Sales Volume: $143,875,000
Average Asking Price: $11,067,308
Median Asking Price: $7,500,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 564
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 10 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