OLSHAN LUXURY MARKET REPORT

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



Subscribe | Unsubscribe


August 31-September 6, 2015

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

16 Contracts Signed

If you were waiting for September to perk up the typically sluggish August performance of the Manhattan luxury real estate market...well, you will have to wait a little longer. Maybe potential buyers were too busy planning for the Labor Day weekend. Whatever the reason, only 16 contracts were signed last week at $4 million and above.

The No. 1 contract was a townhouse at 38 West 87th Street, asking $18 million. This 20-foot, 5-story Renaissance revival brownstone has 8,400 square feet, and started on the market in February 2014 while still being renovated. It was purchased for $5,150,000 in December 2011 and then gut renovated, transforming a multi-family house into a single-family mansion with 6 bedrooms, 8 bathrooms, 2 powder rooms, 3 terraces, a garden, 4 fireplaces, and an elevator.

The No. 2 contract was Apartment 3304 at 795 Fifth Avenue, asking $16.9 million, reduced from $18.25 million when it started on the market in April 2014. This 6-room co-op in the Pierre Hotel has 3 bedrooms, 3.5 bathrooms, and 46-feet of frontage on Central Park. The co-op has access to hotel amenities including a concierge, maid service, and valet parking.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 31-September 6, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

3

0

1

Avg.Ask:$7,199,167

6

Condos

1

0

4

2

Avg.Ask:$5,387,500
Avg.$/sq.ft.:$2,481/sq.ft.
Avg.Size:2,172sqft

7

Condops *

0

0

0

0



0

Townhouses

1

0

0

2

Avg.Ask:$11,050,000
Avg.$/sq.ft.$1,965/sq.ft.
Sq.ft.:5,623 sq.ft.

3

Totals

4

3

4

5

16

Total Weekly Asking Price Sales Volume: $114,060,000
Average Asking Price: $7,128,750
Median Asking Price: $5,050,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:283
*Condop is a co-op with condo rules.

TO VIEW 13 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/15110659d66612.htm


TO VIEW 3 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/151105e84c0afb.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