LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 16-22, 2016

30 Contracts Signed

Finally, the Manhattan luxury real estate market busted a big move. For the first time this year, we hit the 30 mark. Yep, that’s 30 contracts signed last week at $4 million and above. “O frabjous day! Callooh! Callay!”

A couple of other interesting notes for you stat geeks: 9 contracts were signed at $10 million and above, a year-to-date record. Included in that total were 2 Upper East Side townhouses. Also, of the 30 contracts signed 16 were in new buildings under construction.

The No.1 contract was 9A at 155 West 11th Street, asking $16,525,000. This 3,951-square-foot unit has 4 bedrooms and 4.5 bathrooms, and features a 58-foot living room, and a family room with a balcony. It is in the Greenwich Lane, a new complex of 5 buildings with 194 condos plus 5 townhouses that is reporting over 95% sold. Remaining inventory is priced north of $3,600/square foot. Amenities include concierge, doorman, fitness center, pool, children’s room, and a garage.

The No. 2 contract was 3B at 33 East 74th Street, asking $14,550,000. The unit has 3,889 square feet with 3 bedrooms, 3.5 bathrooms, and 10-foot ceilings. The living room, formal dining room, and a bedroom face Madison Avenue. It is in a new condo building that is being created out of a row of landmark brownstones next to the former Whitney Museum.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 2 0 2 Avg.Ask:
$6,929,271
7
Condos 1 4 3 12 Avg.Ask:
$8,268,250

Avg.$/sq.ft.:
$2,914

Avg.Size:
2,837
20
Condops * 0 0 0 0


0
Townhouses 2 1 0 0 Avg.Ask:
$9,216,667

Avg.$/sq.ft.:
$1,954.

Avg.Size:
4,717
3
TOTALS 6 7 3 14 30
Total Weekly Asking Price Sales Volume: $241,519,890
Average Asking Price: $8,050,663
Median Asking Price: $7,685,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 287
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 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











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