LUXURY MARKET REPORT 2018


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 9-15, 2018

14 Contracts Signed

It arrived a few weeks late, but the Manhattan luxury real estate market has finally shifted into summer mode. Only 14 contracts were signed last week at $4 million and above, the first dip below a total of 20 contracts since the last week in January.

The No. 1 contract was the Penthouse at 6 West 77th Street, asking $22.5 million; it was listed at the end of May. The co-op was sold by the estate of Nancy Friday, the bestselling author of such provocative non-fiction books as My Mother Myself, The Power of Beauty, and Women on Top. This penthouse duplex is comprised of 4 units that were combined to lay out as 4 bedrooms and 3.5 bathrooms—encompassing part of the 16th floor and the entire 17th floor. The top floor is surrounded by a terrace that is approximately 3200 square feet. The monthly maintenance is $16,430, and the unit needs a complete renovation.

The No. 2 contract was a townhouse at 26 Downing Street, asking $20,995,000, reduced from $23.5 million when it went on the market in April 2016. This is a newly constructed, contemporary 5-story, 24.5-foot-wide townhouse with a sandstone façade that was completed in 2012. The house has 6,534 square feet including 5 bedrooms, 6 bathrooms, a powder room, gym, and 5 terraces, plus a roof deck and an elevator.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 0 Avg.Ask:
$10,250,000
4
Condos 2 3 1 2 Avg.Ask:
$9,016,250

Avg.$/sq.ft.:
$2,720/sq.ft.

Avg.Size:
3,315 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$13,897,500

Avg.$/sq.ft.:
$2,855/sq.ft..

Avg.Size:
4,867 sq.ft.
2
TOTALS 5 4 1 4 14
Total Weekly Asking Price Sales Volume: $140,924,999
Average Asking Price: $10,066,071
Median Asking Price: $7,150,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 408
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 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

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Donna Olshan and Olshan Realty
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