OLSHAN LUXURY MARKET REPORT

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December 7-13, 2015

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

19 Contracts Signed

Only 19 contracts were signed last week at $4 million and above. I say ONLY because the 2nd week of December in 2014 saw 30 contracts signed. So far, the 2-week December total is 43 as opposed to 61 last year. Some reasons: low inventory coupled with overpricing; a tepid year on Wall Street; a strong dollar that dissuades foreign buyers, and economic turmoil in China.

The No.1 contract was Unit 2 at 224 Mulberry Street, asking $12 million, reduced from $13.25 million when it started on the market in September 2014. This new duplex condo has 4,078 square feet including 3 bedrooms, 3.5 bathrooms, and a 990-square-foot terrace off the den and eat-in kitchen. It also has 2 parking spots. The apartment is in a 6-unit condo that offers high-end finishes, a concierge/doorman, a fitness center, and a roof terrace.

The No. 2 contract was 154 East 66th Street, a brownstone asking $10.9 million, reduced from $12.3 million when it went on the market in January. This 5-story building is 18.75-feet wide with 5,100 square feet including 5 bedrooms, a library, 6.5 baths, and 5 fireplaces. It does not have an elevator, but it’s one of a dozen houses on 66th and 65th streets that share a beautiful common garden called Jones Wood.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 7-13, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

1

1

Avg.Ask:$6,676,667

6

Condos

1

2

2

6

Avg.Ask:$7,076,817
Avg.$/sq.ft.:$2,754/sq.ft.
Avg.Size:2,570sq.ft.

11

Condops *

0

0

0

0



0

Townhouses

2

0

0

0

Avg.Ask:$9,447,500
Avg.$/sq.ft.:$2,243/sq.ft.
Avg.Size: 4,207sq.ft.

2

Totals

7

2

3

7

19

Total Weekly Asking Price Sales Volume: $136,799,990
Average Asking Price: $7,199,999
Median Asking Price: $6,325,000
Average Discount from Original Ask to Last Asking Price:9%
Average Days on Market:311
*Condop is a co-op with condo rules.

TO VIEW 17 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/16021281eb3301.htm


TO VIEW 2 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/1602115584a784.htm

Donna Olshan
President
dso@olshan.com

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

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