LUXURY MARKET REPORT 2019


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

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, the same total as last week---and the 4th time in the last 5 weeks that the total exceeded 20 sales. Condos outsold co-ops, 15 to 10, and 2 townhouses were in the mix.

The year-to-date 1st quarter stats weren’t quite so encouraging, and marked the third year in a row that signed contracts have declined in the first quarter. Thus far, the 1st quarter has recorded 229 contracts signed, a 19% decline in the total over the same period in 2018, when 282 properties went into contract. And this was on top of a 15% decline in 2018 over 2017. First quarter days on the market soared to 516 from 469 in 2018 and 390 in 2017.

Going forward, the recent decline in interest rates should generate housing sales on the lower end—and might do the same for the luxury market. But putting the data all together, in my opinion, the luxury market continued to scream: OVER PRICED!!!!!

The No.1 contract was 14S at 1107 Fifth Avenue, asking $21 million, which sold immediately when listed. This prewar co-op has 3 bedrooms, 3 bathrooms, 2 powder rooms, a library, formal dining room, eat-in kitchen, 2 fireplaces, and 2 terraces including one off the living room facing Central Park. The seller is Howard Stringer, the former CEO and Chairman of Sony, who paid $16 million in 2005.

The No. 2 contract was 59West at 111 Murray Street, asking $16.9 million. This new 3,892-square-foot condo has 5 bedrooms, 6.5 bathrooms, an eat-in kitchen, 11-foot ceilings, and panoramic city views. Amenities include a fitness center, pool, residents’ lounge, a private dining room with a kitchen, and a children’s playroom. The building started closings last summer.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 3 1 1 Avg.Ask:
$7,548,000
10
Condos 1 4 1 9 Avg.Ask:
$7,444,000

Avg.$/sq.ft.:
$2,784/sq.ft.

Avg.Size:
2,674 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$6,172,500

Avg.$/sq.ft.:
$1,203/sq.ft..

Avg.Size:
5,133 sq.ft.
2
TOTALS 6 8 2 11 27
Total Weekly Asking Price Sales Volume: $199,485,000
Average Asking Price: $7,388,333
Median Asking Price: $6,400,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 373
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 25 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com