LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
November 26-December 2, 2018

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, a healthy post-Thanksgiving rebound from the previous week when 12 contracts were signed. Condos outsold co-ops, 16 to 3, and there was 1 townhouse in the mix. More than half of the apartments were sold by developers.

Stat Geek Alert: Starting in 2010, when the recovery from 2008 began to hit its stride, the number of post-Thanksgiving week signed contracts have typically doubled. For example, last year 15 contracts were signed during the Thanksgiving Day week and 29 in the post-holiday week.

The No.1 contract was two adjoining units that need to be combined: 75C and 75E, asking $23,495,000, reduced from $35 million when the combination went on the market in June of 2015. Together, the units have 4,726 square feet with 75C configured as 3 bedrooms and 4.5 baths, and 75E with 2 bedrooms and 2.5 baths. These Time Warner/Mandarin Hotel condos showcase Central Park and Hudson River views. The seller is billionaire Nurzhan Subkhanberdin, the founder and chairman of the largest bank in Kazakhstan, Kazkommertsbank. He purchased 75C for $8,655,125 in 2004 and 75E for $7.250 million in 2014.

The No. 2 contract was PH at 27 East 79th Street, asking $22.8 million. The Penthouse has 4,346 square feet including 5 bedrooms and 5.5 bathrooms, plus a 690-square-foot terrace. This 15-story condo is being built on a 24-foot-wide lot. Amenities include a 24-hour-doorman and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 2 0 0 Avg.Ask:
$5,050,000
3
Condos 2 8 1 5 Avg.Ask:
$7,216,563

Avg.$/sq.ft.:
$3,142/sq.ft.

Avg.Size:
2,297 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$8,750,000

Avg.$/sq.ft.:
$1,683/sq.ft..

Avg.Size:
5,200 sq.ft.
1
TOTALS 3 10 1 6 20
Total Weekly Asking Price Sales Volume: $139,365,000
Average Asking Price: $6,968,250
Median Asking Price: $4,925,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 555
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES

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