OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


February 22-28, 2016

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

21 Contracts Signed

Here are some up-to-date-stats for you Manhattan real estate geeks: In the first 2 months of this year, 150 contracts were signed at $4 million and above. Now, let’s see how that total stacks up to the last few years. Last year, during the same period, 214 contracts were signed. In 2014, 192 were signed. Going back to 2013, the total was 176 contracts signed, and in 2012, 108.

Why the slide in signed contracts at $4 million and above? Well, one pertinent reason springs to mind. In previous years, the market was sprinkled with some big-hit new condo buildings--like 150 Charles, 56 Leonard, and The Greenwich Lane—that added significantly to the totals. Looking around now, there is a dearth of show-stopping buildings with a high velocity of sales.

Of the 21 contracts signed last week, at No.1 was Apartment 19B/19C at 1050 Fifth Avenue, asking $16.5 million. This 8-room co-op has 3 bedrooms, 4.5 bathrooms, and two terraces with spectacular views of Central Park and the reservoir. A third terrace is off the master suite. 19C was purchased for $3.5 million in 2006, and then combined with 19B, which was purchased for $2.8 million in 2010.

The No. 2 contract was PHW at 885 Park Avenue, asking $10.5 million, which sold immediately. This is the top half of a duplex penthouse co-op that was previously on the market from 2012 to 2014 for $34.995 million. The top floor is being sold separately and is configured now as raw entertaining space with a wraparound terrace and a 63-foot expanse overlooking Park Avenue. It could easily be transformed into a 3-bedroom apartment.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 22-28, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

2

0

0

Avg.Ask:$7,890,000

7

Condos

2

2

4

2

Avg.Ask:$5,829,900
Avg.$/sq.ft.:$2,590/sq.ft.
Avg.Size:2,251sq.ft.

10

Condops *

0

0

0

0



0

Townhouses

1

2

0

1

Avg.Ask:$7,721,250
Avg.$/sq.ft.:$1,405/sq.ft.
Avg.Size:5,497sq.ft.

4

Totals

8

6

4

3

21

Total Weekly Asking Price Sales Volume: $144,414,000
Average Asking Price: $6,876,857
Median Asking Price: $6,350,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:173
*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/160428f2e76249.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/1604295974fc5f.htm

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook