LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 12-18, 2016

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, a total in line with the previous week’s. And for the second week in a row—and the fourth time this year---not a single co-op went to contract in Manhattan at $4 million and above. We haven’t seen such a dearth of co-op sales since 2012, when there were 6 weeks of zero luxury co-op contracts.

The No. 1 contract was 61A at 252 East 57th Street, asking $12.950 million. This 4,624-square-foot unit has 5 bedrooms and 6.5 bathrooms, a 39-foot living room with a working fireplace, a balcony, and spectacular views of Central Park and the East River. The condo has 11.5-foot ceilings, and is in a new building designed by Skidmore, Owings & Merrill. Amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen and dining room, bicycle and storage rooms, and furnished guest suites. There is also a play space and grooming station for your dog.

The No. 2 contract was the 14th floor at 944 Park Avenue, asking $11.995 million, reduced from $14.950 million when it went on the market in April 2015. This 3,381-square-foot condo has 4 bedrooms and 4.5 bathrooms. The living room, master, and 2nd bedroom face Park Avenue. The unit was bought in 2006 for $8.75 million and then renovated.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 2 4 4 4 Avg.Ask:
$6,954,643

Avg.$/sq.ft.:
$2,823/sq.ft.

Avg.Size:
2,464sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$7,495,000

Avg.$/sq.ft.:
$1,658/sq.ft.

Avg.Size:
4,520sq.ft.
1
TOTALS 2 5 4 4 15
Total Weekly Asking Price Sales Volume: $104,868,000
Average Asking Price: $6,990,667
Median Asking Price: $5,495,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 277
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2016
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook