OLSHAN LUXURY MARKET REPORT

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November 30-December 6, 2015

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

24 Contracts Signed

If the first week of December is any indication, real estate brokers who toil in the luxury market shouldn’t count on a Santa Claus rally. Only 24 contracts were signed last week at $4 million and above, the lowest first-week-in-December total since 2012. 17 out of 24 (71%) were in new condos sold by developers.

The No.1 contract was 10A at 1040 Fifth Avenue, asking $32.5 million and selling within a month of listing. This 11-room co-op has 5 bedrooms, a library, 5.5 bathrooms, and 2 fireplaces, plus spectacular views of Central Park and the reservoir from the living room and formal dining room. It was purchased from Edgar Bronfman Jr. in 2008 for $21 million and then renovated by the current owners.

The No. 2 contract was the Penthouse at 224 Mulberry Street, asking $23.75 million, reduced from $28 million when it was listed in April. This duplex in a luxury 6-unit boutique condo has 5,625 square feet including 4 bedrooms, 4 baths, 2 powder rooms, 4 terraces, and 2 fireplaces, plus 2 parking spaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 30-December 6, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0

Avg.Ask:$15,233,333

2

Condos

3

3

3

9

Avg.Ask:$9,830,764
Avg.$/sq.ft.:$3,043/sq.ft.
Avg.Size:3,231sq.ft.

18

Condops *

1

0

0

0

Avg.Ask:$11,995,000
Avg.$/sq.ft.:$3,198/sq.ft.
Avg.Size:3,751sq.ft.

1

Townhouses

2

0

0

1

Avg.Ask:$6,516,667
Avg.$/sq.ft.:$1,768/sq.ft.
Avg.Size:3,687sq.ft.

3

Totals

8

3

3

10

24

Total Weekly Asking Price Sales Volume: $244,867,980
Average Asking Price: $10,202,833
Median Asking Price: $7,822,500
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:268
*Condop is a co-op with condo rules.

TO VIEW 21 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/1602047e0240ae.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/160204f7ef11ec.htm

Donna Olshan
President
dso@olshan.com

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

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