LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 20-26, 2016

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above. The week also marked the end of the 2nd quarter, and with it, an interesting stat: 343 contracts were signed in the 2nd quarter, down from 402 last year. This was the lowest 2nd-quarter volume since 2012. At the same time, the average number of days on the market increased from 221 to 274 and negotiability from the original asking price increased from 4% to 7%.

All that being said, the average price increased by 6% over the same quarter last year, from $7,722,122 to $8,204,352. It looks like the loftier prices equal fewer deals.

The top two contracts last week were duplex penthouse condos. The No. 1 slot went to PH31 at 400 East 67th Street, asking $16.95 million, reduced from $21 million when it went on the market in July 2014. The apartment has 4,073 square feet including 3 bedrooms, 4.5 bathrooms, and 2 landscaped terraces totaling approximately 3,000 square feet. It also features a 53-foot great room that opens onto a 59-foot terrace. Upstairs is a rooftop terrace planted with a grass lawn and trees, an outdoor kitchen and fireplace. The unit last sold in 2011 for $11,226,206.

The No. 2 contract was PHG at 141 East 88th Street, asking $16 million. The unit has 4,710 square feet including 4 bedrooms, 6 bathrooms, and a 1,211-square-foot terrace. Amenities in this prewar building include a doorman, gym, and a playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 2 Avg.Ask:
$5,444,167
6
Condos 2 1 4 10 Avg.Ask:
$8,336,794

Avg.$/sq.ft.:
$2,630/sq.ft.

Avg.Size:
3,170 sq.ft.
17
Condops * 1 0 0 0 Avg.Ask:
$4,450,000

Avg.$/sq.ft.:
$3,116/sq.ft.

Avg.Size:
1,428 sq.ft.
1
Townhouses 0 0 0 1 Avg.Ask:
$13,995,000

Avg.$/sq.ft.:
$3,927/sq.ft..

Avg.Size:
3,564 sq.ft.
1
TOTALS 6 2 4 13 25
Total Weekly Asking Price Sales Volume: $192,835,500
Average Asking Price: $7,713,420
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 326
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 24 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











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