LUXURY MARKET REPORT 2017


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 11-17, 2017

23 Contracts Signed

The stubborn clouds that have hung over Manhattan’s luxury real estate market have finally parted, letting some sunlight peek through. Twenty-three contracts were signed last week at $4 million and above, the first plus-20 total in almost 3 months. Condos out sold co-ops 16 to 5, and there were 2 townhouses in the mix.

The No. 1 and No. 2 contracts were 2 penthouse condos at 275 West 10th Street: PHC, asking $29.5 million, and PHA, asking $18.85 million. PHC is a duplex with an elevator. It has 5,985 square feet, plus a terrace that totals 1,536 square feet. It also has 5 bedrooms, 5 bathrooms, 2 powder rooms, and a fireplace. The upper level has floor-to-ceiling glass windows that open onto a 70-foot-wide terrace with an outdoor kitchen. PHA is a smaller duplex with 3,846 square feet including 3 bedrooms, 3 bathrooms, 2 powder rooms, and an eat-in kitchen. Upstairs is a glass great room that opens onto a 1,915-square-foot terrace. In this building, which is known as the Shephard, amenities include a doorman, fitness room, children’s playroom, basketball court, golf simulator, and an art room, plus a landscaped garden.

The No. 3 contract was the 7th floor at 21 East 66th Street, asking $12.95 million, reduced from $14.35 million when it went on the market a year ago. The condo has 3,600 square feet with 3 bedrooms and 4.5 bathrooms. Wrapping the corner of Madison and 66th Street, it has been gut-renovated, and is in superb condition.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 2 3 Avg.Ask:
$7,677,000
5
Condos 2 3 2 9 Avg.Ask:
$9,139,999

Avg.$/sq.ft.:
$3,227/sq.ft.

Avg.Size:
2,832 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 2 0 0 Avg.Ask:
$6,247,500

Avg.$/sq.ft.:
1,607 sq.ft..

Avg.Size:
3,889 sq.ft.
2
TOTALS 2 5 4 12 23
Total Weekly Asking Price Sales Volume: $197,119,990
Average Asking Price: $8,570,434
Median Asking Price: $6,995,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 511
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 21 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

© 2017
Donna Olshan and Olshan Realty
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