LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 10-16, 2018

13 Contracts Signed

Only 13 contracts were signed last week at $4 million and above, most likely a temporary slow down due to the Jewish New Year falling on Monday and Tuesday. The activity is consistent with last year’s results during the same holiday period, when 11 contracts were signed.

The No. 1 contract was a brownstone at 18 West 75th Street, asking $15 million, reduced from $19.5 million when it went on the market in October 2016. The house was purchased by a developer for $11.35 million in May 2015. It was then gut renovated, financed by a $14.5 million loan--and the lender ultimately took over the project and sale. The 21-foot-wide house has 8,770 square feet including 5 bedrooms, 9 bathrooms, an elevator, a garden patio off the kitchen, and a rooftop terrace.

The No. 2 contract--and the only co-op to sell last week--was 30T at 781 Fifth Avenue, asking $12.5 million. This full–floor tower unit in the Sherry Netherland Hotel sold within 2 months of listing. It was purchased for $8.9 million in April 2017. The apartment is in excellent condition, and has panoramic views of the entire city including Central Park views from the living room, library, and master. The co-op can access hotel amenities including twice-daily maid service.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$12,500,000
1
Condos 2 3 0 4 Avg.Ask:
$6,064,444

Avg.$/sq.ft.:
$2,250/sq.ft.

Avg.Size:
2,695 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 1 1 Avg.Ask:
$9,750,000

Avg.$/sq.ft.:
$1,587/sq.ft..

Avg.Size:
6,144 sq.ft.
3
TOTALS 3 4 1 5 13
Total Weekly Asking Price Sales Volume: $96,330,000
Average Asking Price: $7,410,000
Median Asking Price: $5,300,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 275
*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

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Donna Olshan and Olshan Realty
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