OLSHAN LUXURY MARKET REPORT

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January 25-31, 2016

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

18 Contracts Signed

The first month of 2016 ended with a total of 74 contracts signed, a disappointing number compared to the previous two Januarys when a total of 98 contracts were signed in both 2015 and 2014. That’s a 21% decline over last year and the year before. To paraphrase a line from Bette Davis in All About Eve: Fasten your seatbelts, it looks like we’re in for a bumpy ride.

Of the 18 contracts signed last week, the No.1 contract was Apartment 4A at 33 East 74th Street, asking $16.5 million. This 3-bedroom, 3.5-bathroom condo has 3,851 square feet with a corner living room, formal dining room, and eat-in kitchen facing Madison Avenue. The unit is in a new boutique condo building that is being created out of a row of landmark brownstones next to the Whitney Museum. The project started on the market in January 2014, and is reporting half of the 10 units sold with asking prices at $4,456/sq.ft.

The No. 2 contract was a new townhouse at 182 East 94th Street, asking $9.5 million, reduced from $10.5 million when it went on the market last April. This 6-story townhouse has 5,000 square feet, and was built on a 25 x 37-foot parking lot that was purchased by a developer for $450,000 in 2006. The house has 5 bedrooms, 6 bathrooms, 2 powder rooms, a spectacular roof terrace, an elevator, and a garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 25-31, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

2

0

1

Avg.Ask:$5,548,571

7

Condos

2

0

1

4

Avg.Ask:$7,298,570
Avg.$/sq.ft.:$2,903/sq.ft.
Avg.Size:2,514sq.ft.

7

Condops *

0

0

0

0



0

Townhouses

2

0

0

2

Avg.Ask:$6,937,500
Avg.$/sq.ft.:$1,861/sq.ft.
Avg.Size:3,729sq.ft.

4

Totals

8

2

1

7

18

Total Weekly Asking Price Sales Volume: $117,689,990
Average Asking Price: $6,538,333
Median Asking Price: $5,547,500
Average Discount from Original Ask to Last Asking Price:9%
Average Days on Market:354
*Condop is a co-op with condo rules.

TO VIEW 14 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/160331a0738479.htm


TO VIEW 4 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/1603317e179165.htm

Donna Olshan
President
dso@olshan.com

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

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