LUXURY MARKET REPORT
October 8-14, 2018
Twenty-three contracts were signed last week at $4 million and above. Only 1 co-op was sold, and 11 of 17 condos were sold by developers, including 5 by the sponsor of the Belnord at 225 West 86th Street. This prewar building is being converted from a rental to a condominium, and the developer reportedly has been offering aggressive discounts—particularly on un-renovated units.

Stat Geek Alert: In the past 2 weeks, there have been a flurry of townhouse contracts--11 in total, the most since January 2017. On average, the 11 houses dropped their prices by 19% from the original asking price to $1,808/sq.ft. before a contract was signed, and average days on the market was 265. The houses averaged 22 feet wide and 5,026 square feet.

For the eighth time this year, the No.1 contract was at 432 Park Avenue. This time, it was 72B, asking $30.9 million; ...

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