OLSHAN LUXURY MARKET REPORT

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January 11-17, 2016

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

20 Contracts Signed

I hate to be the bearer of a double-shot of bad news, but here goes: Not only did the stock market continue its record-breaking January slide, but the Manhattan luxury real estate market has also turned in some lousy stats of its own. Take a look: In a similar start-of-the-year period, 2014 saw 59 contracts signed at $4 million and above, 2015 had 46, and 2016 has slipped to 41.

Of the 20 contracts signed last week, the No.1 spot was occupied by PH2 at 295 Lafayette, asking $35.1 million, in a 6-unit Soho boutique condo in the historic cast-iron Puck building. The penthouse has 5,222 square feet including 3 bedrooms and 5.5 bathrooms, plus a large landscaped 799-square-foot terrace. It also features barrel-vaulted ceilings, a 32-foot-square living room with a fireplace, and a grand master suite with 2 bathrooms and 2 dressing rooms.

The No. 2 contract was 29/30G at 300 Central Park West, asking $24.95 million, reduced from $29 million when it went on the market in February 2015. This 5-bedroom, 6.5- bathroom duplex has spectacular 360-degree panoramic views that include Central Park and the Hudson River. It occupies the top two floors of the North Tower of the famed El Dorado co-op at 90th Street and Central Park West. The top floor of the unit serves as a grand entertaining space with a living room, dining room, den, and kitchen, plus 3 small terraces and a solarium; it was once used as a communal club by the early residents of the building and has an oversized fireplace and terra-cotta floor tiles from that period.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 11-17, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

2

1

0

Avg.Ask:$9,605,714

7

Condos

0

4

1

5

Avg.Ask:$10,978,400
Avg.$/sq.ft.:$3,567/sq.ft.
Avg.Size:3,078sq.ft.

10

Condops *

0

0

0

0



0

Townhouses

1

2

0

0

Avg.Ask:$7,230,000
Avg.$/sq.ft.:$1,384/sq.ft.
Avg.Size:5,224sq.ft.

3

Totals

5

8

2

5

20

Total Weekly Asking Price Sales Volume: $198,714,000
Average Asking Price: $9.935,700
Median Asking Price: $7,797,500
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:334
*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/16031708b72f89.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/160317640caae2.htm

Donna Olshan
President
dso@olshan.com

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

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