OLSHAN LUXURY MARKET REPORT

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November 23-29, 2015

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

10 Contracts Signed

Cliché alert! Last week was a turkey for the Manhattan luxury real estate market—only 10 contracts were signed at $4 million and above. Even so, that paltry total of 10 sales was enough to establish the month as the strongest November since we started keeping track in 2006. In the last 4 weeks, 112 contracts were signed compared to 95 in November 2014. Total volume for this period was $863,124,700, beating last year’s total by almost $12 million.

The No. 1 contract was a townhouse at 21 East 83rd Street, asking $14.75 million, reduced from $18 million when it went on the market in April. This 18-foot-wide, 5-story house was purchased in 2000 for $3.375 million and then gut renovated. It has 5/6 bedrooms, 3.5 bathrooms, and an elevator, and features a dramatic double height ceiling in the entrance foyer. The ground floor has a kitchen with a breakfast room/office that opens to the garden. The 2016 bill for real estate taxes for the house totals $102,973.

The No. 2 contract was 8B at 530 Park Avenue, asking $8,925,000. This duplex condo, sold by the sponsor/developer, has 2,698 square feet with 3 bedrooms, a library, living room, and dining room—all overlooking Park Avenue. 530 Park was a rental building that was gut renovated and converted to a condominium, and it started selling units in June 2012. Amenities include a concierge/doorman and a fitness center.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 23-29, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

1

Avg.Ask:$4,898,333

3

Condos

1

1

1

3

Avg.Ask:$6,041,667
Avg.$/sq.ft.$2,796/sq.ft.
Avg.Size:2,161sq.ft.

6

Condops *

0

0

0

0



0

Townhouses

1

0

0

0

Avg.Ask:$14,750,000
Avg.$/sq.ft.:$2,875/sq.ft.
Avg.Size:5,130sq.ft.

1

Totals

4

1

1

4

10

Total Weekly Asking Price Sales Volume: $65,695,000
Average Asking Price: $6,569,500
Median Asking Price: $5,425,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:204
*Condop is a co-op with condo rules.

TO VIEW 9 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/160128f873a122.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/16012893205058.htm

Donna Olshan
President
dso@olshan.com

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

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