OLSHAN LUXURY MARKET REPORT

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February 15-21, 2016

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

13 Contracts Signed

The aftershocks of January’s stock market dive have finally caught up with the Manhattan luxury real estate market—at least that’s the way it appears as last week’s results were unusually tepid: 13 contracts were signed at $4 million and above, the lowest number for the third week in February since 2011, when 11 properties went to contract.

The No. 1 contract was the Penthouse at 154 Spring Street, asking $10,995,000, reduced from $12.5 million when it went on the market in November. This triplex condo has 4,131 square feet including 3 bedrooms, and 4.5 bathrooms. It features a sunken living room, a gas fireplace, and an 875-square-foot roof-top terrace. The building has 3 residential and 2 commercial units. It has no doorman or amenities.

The No. 2 contract was 12G at 435 East 52nd Street, asking $10,495,000. This 12-room co-op in the River House has 5,250 square feet including 4 bedrooms, 5.5 bathrooms, an eat-in kitchen and maid’s room. The apartment boasts a 62-foot expanse overlooking the East River from the living room, library, and formal dining room. The living room and library open to a balcony, and the formal dining room has a terrace.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 15-21, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

1

1

Avg.Ask:$8,328,000

5

Condos

1

1

0

6

Avg.Ask:$6,617,500
Avg.Ask $/sq.ft.:$2,823/sq.ft.
Avg.Size:2,344sq.ft.

8

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

3

2

1

7

13

Total Weekly Asking Price Sales Volume: $94,535,000
Average Asking Price: $7,271,923
Median Asking Price: $6,775,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:284
*Condop is a co-op with condo rules.

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TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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