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

YEAR END REPORT: January 1-December 27, 2015

Contracts Signed: 1,344

Fifteen contracts were signed last week at $4 million and above, wrapping up the 2nd biggest year in the Manhattan luxury real estate market since we started keeping track in 2006. Year to date, 1,344 properties were sold totaling $10,738,479,892 in sales.

Statistics for each of the last 3 years are remarkably similar, but it is important to note some variations. The heaviest activity in signed contracts in 2015 was recorded in the beginning of the year, followed by a significant decline in September and October. In the last four months, there have been only 4 strong weeks with 30 or more contracts signed (3 weeks in November and 1 week in December). Also, the number of contracts signed at $10 million and above dropped 16% over 2014. Finally, the number of days a property was listed for sale increased to 243, as opposed to 181 days in 2014. You read that right - it took two months longer to sell a luxury property in 2015.

Overall, 74% of all apartment contracts at $4 million and above were condos and 34% of those sales were in new construction sold off of floorplans. Downtown showed the largest total contract activity, comprising 45% of all luxury sales.

Last week, the No.1 contract was PH22D at 211 Central Park West, asking $20 million. It was sold by the estate of the late great Helen Gurley Brown, the legendary editor of Cosmopolitan magazine and author of the ground-breaking Sex and the Single Girl. The penthouse encompasses part of 4 floors of The Beresford co-op, and is configured as 2 bedrooms, 3.5 baths, 3 terraces, and 2 fireplaces, plus 2 maid’s rooms. It sold within a month of listing.

The No. 2 contract was a townhouse at 46 East 81st Street, asking $17.95 million, reduced from $18.6 million when it went on the market in January 2015. This 5-story brick federal-style townhouse is 20-feet wide and has 5,400 square feet, and includes 7 bedrooms and 6.5 bathrooms. It was on the market for $13.5 million in 2010 but had no takers. The house does not have an elevator.

NYC LUXURY REPORT: 2013 - 2015 COMPARISON CHART

Contracts Signed $4 M and above	2013	2014	2015
# Co-op Contracts $4 million and above	288	282	296
# of Condo Contracts $4 million and above	905	891	904
# of Condop Contracts at $4 million and above	49	14	14
Total # of Contracts Signed on Apartments	1242	1187	1214
# of Townhouse Contracts $4 million and above	130	153	130
Total # of Contracts Signed Apartments + Houses	1372	1340	1344
# of Contracts Signed off floorplans	475	481	456
# of Contracts Signed Asking $10 million and above	252	270	227
Total Volume	$10,854,826,824	$11,256,284,299	$10,738,479,892
Average Asking Price	$7,851,594	$8,140,776	$7,940,624
Median Asking Price	$6,366,072	$6,440,048.00	$6,289,375
Average Price Decline Before a Signed Contract	3%	4%	5%
Days on Market	172	181	243
Condo Average Asking Price	$7,719,542	$7,832,105	$7,739,656
Condo Average Asking $/sq.ft.	$2,766	$2,783	$2,825
Condo Average Size	2,814	2,801	2,731
Co-op Average Asking Price	$6,756,788.00	$7,727,973	$7,280,086
Townhouse Average Asking Price	$9,514,252	$10,256,784	$10,993,444
Townhouse Average Asking $/sq.ft.	$1,750.00	$1,829.00	$2,077.00
Townhouse Average Size	5,553	5,621	5,288

IMPORTANT NOTE ON APARTMENTS SOLD OFF OF FLOORPLANS:
In 2015, 34% of all apartment contracts at $4 million and above were signed in new condos and sold off of floorplans as compared with 41% in 2014 and 38% in 2013.

CONDOS OUT SELL CO-OPS MORE THAN 3 TO 1:
In 2015, 74% of all apartment contracts at $4 million and above were in condos as compared with 69% in 2014 and 68% in 2013.

END OF THE YEAR 2015 REPORT
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
JANUARY 1-DECEMBER 27, 2015
Contracts Signed: 1,344

2015 TOTALS	East	West	Midtown	Downtown	Asking $/sq.ft.	2015
Apartments	313	194	160	547	Avg. Co-op Ask: $7,280,086 Avg. Condo Ask: $7,739,656 Avg. Condo Ask: $2,825/sq.ft Avg. Condo Size:2,731 sq.ft.	1,214
Townhouses	48	21	5	56	Avg. Asking: $10,993,444 Avg. Asking: $2,077/ sq.ft. Avg. Size: 5,228 sq.ft.	130
Totals	361	215	165	603		1,344

2015 Total Contract Sales Volume: $10,738,479,892
Average Asking Price on Apartments + Houses: $7,940,624
Median Asking Price Apartments + Houses: $6,289,375
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 243

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 21-27, 2015

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	2	2		1	Avg. Price: $9,762,500	5
Condos			4	4	Avg. Price: $6,380,000 Avg. Price: $2,323/sq.ft. Avg. Size: 2,747sq.ft.	8
Condops *					Avg. Price: $ Avg. Price:$ /sq.ft. Avg. Size: sq..ft.
Townhouses	1	1			Avg. Ask: $12,222,500 Avg. Price: $2,373/ sq.ft. Avg. Size: 5,150 sq.ft.	2
Totals	3	3	4	5		15

Total Weekly Asking Price Sales Volume: $128,210,000
Average Asking Price: $7,969,000
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 7 %
Average Days on Market: 263
*Condop is a co-op with condo rules.

TO VIEW: December 21-27, 2015: 13 CONTRACTS SIGNED ON APARTMENTS:
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To VIEW: December 21-27, 2015: 2 CONTRACTS SIGNED ON TOWNHOUSES
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Luxury Property Specialists:

Donna Olshan
President
dso@olshan.com

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

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