LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 19-25, 2016

16 Contracts Signed

The 3rd quarter ended last week, and this is what we learned: 229 contracts were signed at $4 million and above, a 16% drop over the same period last year. The average number of days on the market increased to 337 from 283. One troublesome spot was the decline in co-op sales—only 30 contracts were signed in the 3rd quarter, down from 55 in the same quarter last year. The results seem to reflect an overpriced market in correction mode.

As for last week’s stats, 16 contracts were signed at $4 million and above with 4 deals north of $20 million, including 2 Downtown penthouses that were the top sales of the week--a silver lining in a cloudy market.

The No.1 contract was the Penthouse at 42 Crosby Street, asking $25 million. This duplex condo was sold off of floorplans. It has 5,852 square feet including 5 bedrooms and 7 bathrooms. Upstairs is a living room, dining room, kitchen, and library, all of which is surrounded by a 4,024-square-foot terrace outfitted with a working fireplace. The Penthouse is in a 10-unit condo building designed by Annabelle Selldorf that just hit the market. Amenities include a doorman and a garage but no fitness center.

The No. 2 contract was another Downtown penthouse duplex: PH1 at 215 Chrystie, which has 4,300 square feet featuring breathtaking views of the city, 10-foot ceilings, 3 bedrooms, 4.5 bathrooms, and a media room, plus a 1,908-square foot roof terrace. The apartment was sold off of floorplans in an 11-unit condo that is being built above a hotel designed by the Pritzker-prize winning team of Herzog & de Meuron.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$6,475,000
2
Condos 0 3 3 7 Avg.Ask:
$10,902,692

Avg.$/sq.ft.:
$3,599/sq.ft.

Avg.Size:
3,029sq.t.
13
Condops * 0 0 1 0 Avg.Ask:
$6,200,000

Avg.$/sq.ft.:
$2,593/sq.ft.

Avg.Size:
2,391 sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 1 4 4 7 16
Total Weekly Asking Price Sales Volume: $159,885,00
Average Asking Price: $9,992,813
Median Asking Price: $5,775,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 410
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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