24 luxury contracts were signed last week according to the Olshan Report. An 80th floor apartment in One57, Extell’s luxury tower on Billionaire’s Row went into contract after asking $19.9 million. A seller at 150 Charles managed a $4 million profit after buying his condo for just north of $12 million off floor plans back in 2012 as well.
TRD coverage
The Author- 
Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Last week, 24 contracts for $4 million and up were signed. This was an increase from 15 contracts signed for the same week, last year. The most expensive contract was a co-op at the Pierre at 795 Fifth avenue which had an asking price of $22.5 million.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
With approximately 6,000 units of new development in the market throughout NYC, there is an obvious glut. But some developments like 250 W 81st street are raising prices. In the Robert A.M. Stern designed building, the largest units were the first to sell and the buyers are coming from the local market with zero foreign buyers. In addition, the location on Manhattan’s upper west side, has a scarcity of new development.
Most developers believe that within 2-3 years, most of the existing inventory will be gone so now is a good time for them to begin the process knowing full well the market may swing in the favor by the time they are ready to start selling.
Commercial Observer coverage
According to the latest market reports, the average listing price is down about 10% compared to last year, but 25 contracts over $4 million were signed last week. $849 million dollars of contracts have been signed in the $4million and up segment since the last week of March which is the best start of the Spring market since 2015. What do these seemingly differing numbers mean? The luxury/new development market has been in a buyer’s market for about 2 years now. As a result, the buyer and seller expectations are more inline with each other than lower price points. For the last year or so, new developments have been open to negotiations. Additionally, some projects have been paused or never got off the ground. So the existing inventory is being sold.
This is unlike the below $4 million price market where sellers’ expectations needs to adjust to the current reality and that they will not achieve the same prices that were reached a year ago. Manhattan buyer’s market tend not to last very long.
Additional data here
Broker confidence up according to latest study
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
by Brian Silvestry
Industry pros weigh in on several market segments and take a look ahead to 2018 in the latest edition of the Cooperator. As previous reported here, the luxury market is in a buyer’s market and less expensive properties are still holding with similar price per square foot year over year.
This is confirmed by more personal experience where some sellers can be reluctant to adjust to a changing market and instead insist on their price which holds firm the price per square foot.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker