LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 15-21, 2016

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above. If you are looking for a silver lining in this number, that’s 7 more than the previous week, but it’s wise to keep expectations in check until after Labor Day, when potential buyers return from vacation.

The No. 1 contract was Apartment 1/2 at 22 Gramercy Park South asking $14.5 million, reduced from $16.25 million when it went on the market in February. This 4,973-square-foot triplex has 4 bedrooms, 5.5 bathrooms and 3 gas fireplaces, plus a garden and 2 terraces. It’s a beautifully renovated apartment in a 26-foot-wide, 5-story Greek Revival house that was converted into a 3-unit condo in 2010. The living room and master suite face Gramercy Park.

The No.2 contract was 10E at 960 Park Avenue, asking $13.5 million, well below the $15.5 million it sold for in July 2014, when it was purchased by Dr. Laura Englander Levin, daughter of billionaire hedge-funder Israel Englander. The co-op features a corner living room and four bedrooms overlooking Park Avenue. It also has a library, eat-in kitchen, maid’s room, and gym.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 1 Avg.Ask:
$7,261,248
4
Condos 1 0 1 6 Avg.Ask:
$7,843,333

Avg.$/sq.ft.:
$2,941/sq.ft.

Avg.Size:
2,667 sq.ft.
8
Condops * 0 0 0 1 Avg.Ask:
$4,395,000

Avg.$/sq.ft.:
$2,442/sq.ft

Avg.Size:
1,800 sq.ft.
1
Townhouses 1 0 0 2 Avg.Ask:
$5,981,667

Avg.$/sq.ft.:
$1,784/sq.ft..

Avg.Size:
3,353 sq.ft.
3
TOTALS 5 0 1 10 16
Total Weekly Asking Price Sales Volume: $117,579,990
Average Asking Price: $7,348,749
Median Asking Price: $6,124,995
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 245
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 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

© 2016
Donna Olshan and Olshan Realty
All Rights Reserved











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