OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


August 17-23, 2015

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

21 Contracts Signed

April is supposed to be the cruelest month, but August often seems to give it a pretty good run for its money. Take last week, for example. Once again, the stock market went into its usual dog-days swoon, and the luxury Manhattan real estate market couldn’t seem to shake its typical late-summer malaise. Only 21 contracts were signed last week at $4 million and above. Condos out sold co-ops, 16 to 4, and there was 1 townhouse in the mix. It should be noted, however, that some developers are holding off reporting sales in their buildings until the Fall, when we will likely see weekly sales stats spike.

The No. 1 contract was PH6B at 140 West 12th Street, asking $20.750 million. The condo has 5,304 square feet including 4 bedrooms, 5.5 bathrooms, and a library, It features a 34-foot living room/dining area facing south over the building’s gardens, a 21-foot eat-in kitchen, a master suite with a sitting room, and 10-foot ceilings. The Penthouse was sold off of floorplans in the Greenwich Lane, a complex of 5 buildings and 5 townhouses that is being built on the former St. Vincent’s Hospital site. The developer, Rudin, has reported sales of 179 out of 200 units with prices averaging $3,215/sq.ft. Amenities include concierge, doorman, fitness center, pool, children’s room, and a garage.

The No. 2 contract was PHWE at 40 East 66th Street, asking $20 million. PHWE is 2 prewar penthouse condos that need to be combined. Together they total 4,350 square feet of interior space and almost 3,000 square feet of terraces. The space lays out with 5 bedrooms, 5 bathrooms, 2 staff rooms, and 2 wood-burning fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 17-23, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

0

Avg.Ask:$6,112,500

4

Condos

1

3

3

9

Avg.Ask:$9,883,375
Avg.$/sq.ft:$3,257/sq.ft.
Avg.Size:3,034sq.ft.

16

Condops *

0

0

0

0



0

Townhouses

0

0

1

0

Avg.Ask:$4,995,000
Avg.$/sq.ft.:$1,321/sq.ft.
Avg.Size:3,780sq.ft.

1

Totals

4

4

4

9

21

Total Weekly Asking Price Sales Volume: $187,578,999
Average Asking Price: $8,932,333
Median Asking Price: $6,700,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:345
*Condop is a co-op with condo rules.

TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/151022727f163e.htm


TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/151022ef4a9eda.htm

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook