OLSHAN LUXURY MARKET REPORT

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February 8-14, 2016

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

21 Contracts Signed

Record-shattering gusts of frigid air swept thru the canyons of Manhattan at the end of the week, but they arrived too late to have any impact on the luxury real estate market. As the usual horde of potential buyers left town for the President’s Day holiday, 21 contracts were signed at $4 million and above—and half were in new construction.

The No.1 contract was a modern townhouse at 400 West Street, asking $15.950 million, reduced from $25 million when it went on the market in June 2009. This 7,180-square-foot house sits on the West Side Highway and offers river views. It has 5 bedrooms, 4.5 bathrooms, a basketball court, terraces, an elevator, and a garage. It is a 22-foot-wide building that was purchased in 2007 for $4.3 million and expanded.

The No. 2 contract was 10A at 1120 Fifth Avenue, a co-op asking $15.5 million, reduced from $15.8 million when it went on the market in September. This 12-room corner unit has views of Central Park and the reservoir from the living room and formal dining room. The apartment has 5 bedrooms, 5.5 bathrooms, a library, plus an eat-in kitchen. The seller purchased the unit in 2004 for $9.5 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 8-14, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

0

Avg.Ask:$9,036,250

4

Condos

3

0

1

10

Avg.Ask:$5,771,384
Avg.$/sq.ft.:$2,335/sq.ft.
Avg.Size:2,472sq.ft.

14

Condops *

0

0

0

0



0

Townhouses

0

0

0

3

Avg. Ask:$9,741,667
Avg.$/sq.ft.:$1,854/sq.ft.
Avg.Size;5,285sq.ft.

3

Totals

6

1

1

13

21

Total Weekly Asking Price Sales Volume: $146,169,375
Average Asking Price: $6,960,446
Median Asking Price: $5,404,385
Average Discount from Original Ask to Last Asking Price:9%
Average Days on Market:368
*Condop is a co-op with condo rules.

TO VIEW 18 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/1604150d40a900.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/160414e615045f.htm

Donna Olshan
President
dso@olshan.com

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

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