Once again, the dog days of August impacted the luxury market last week, as only 10 contracts were signed at $4 million and above. The total volume: a modest $78,565,000.
Stat Geek Alert: Last week marked the first time since July 1, when New York hiked the mansion tax, that a property went to contract asking over $20 million. Since then, only 3 contracts have been signed at asking prices above $10 million—and all were townhouses.
The No. 1 contract was a townhouse at 807 Park Avenue, asking $26.5 million, reduced from $39 million. This 25-foot-wide house has 12 stories, and is approximately 24,000 square feet. In 2004, it was sold by Sean “P. Diddy” Combs to developers for $14.3 million. The house was divided into 3 apartments, each with 4 floors. It has been on and off the market for more than a decade, marketed variously as a condo and a mega-mansion. Annual real estate taxes are $268,268.
The No. 2 contract was 29A at 181 East 65th Street, asking $8.5 million. It sold within days of listing to a buyer who lives in the building. The condo has 2,940 square feet including 4 bedrooms and 4 bathrooms. It has 10-foot ceilings and views of Central Park from the living room and master bedroom. The owner purchased the unit for $7.2 million in January 2007. The building is known as the Chatham Condominium, and was designed by architect Robert A.M. Stern in 2000. Amenities include a doorman, fitness center, and garage.
EAST SIDE | WEST SIDE | MIDTOWN | DOWNTOWN | Asking $/sq.ft. | Totals | |
---|---|---|---|---|---|---|
Co-ops | 1 | 0 | 0 | 1 | Avg.Ask: $5,422,500 |
2 |
Condos | 1 | 1 | 0 | 4 | Avg.Ask: $5,620,000 Avg.$/sq.ft.: $2,258/sq.ft. Avg.Size: 2,489 sq.ft. |
6 |
Condop* | 0 | 0 | 0 | 0 | Avg.Ask: |
0 |
Townhouses | Avg.Ask: $17,000,000 Avg.$/sq.ft.: $1,239/sq.ft. Avg.Size: 13,725 sq.ft. |
2 | ||||
TOTALS | 4 | 1 | 0 | 5 | 10 |
CLICK HERE TO VIEW 8 CONTRACTS SIGNED ON APARTMENTS
CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES |
Donna Olshan, President |
Emily Chen, Private Wealth Real Estate Services
|
Donna Olshan President dso@olshan.com |
Emily Chen Private Wealth Real Estate Services Chief of Research ecc@olshan.com |