OLSHAN LUXURY MARKET REPORT

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February 29-March 6, 2016

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

20 Contracts Signed

The Manhattan luxury real estate market seems to have settled into a Goldilocks pattern—not too hot, not too cold. Twenty contracts were signed last week at $4 million and above, a total that included only 1 co-op.

The No.1 contract was PH at 221 West 77th Street, asking $22.5 million. This 5-bedroom, 5.5-bathroom duplex penthouse condo has 6,005 square feet, and was sold off of floorplans. Four bedrooms are downstairs, while upstairs features a living room with a fireplace and a balcony, a formal dining room, an eat-in kitchen, den, and another bedroom. A private 1,344-square foot rooftop terrace is included in the unit. The building opened for sale in September, and reports 5 contracts signed on 26 units. Amenities include a doorman, garage, a gym with an adjacent configuration for half-court basketball, a library with a billiards table, and a rooftop terrace for residents.

The No. 2 contract was 1101/1102 at 1 Central Park South, asking $20.9 million, reduced from $25 million when it went on the market a year ago. These two Plaza Hotel condo units, which total 3,800 square feet, need to be combined. There are 5 bedrooms and 5.5 bathrooms. The living room has 11-foot ceilings and faces Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 29-March 6, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

0

1

0

Avg.Ask:$5,750,000

1

Condos

4

4

2

7

Avg.Ask:$8,420,765
Avg.$/sq.ft.:$2,803/sq.ft.
Avg.Size; 3,003 sq.ft.

17

Condops *

0

0

0

0



0

Townhouses

0

0

0

2

Avg.Ask:$9,949,500
Avg.$/sq.ft.:$1,796/sq.ft.
Avg.Size:5,540 sq.ft.

2

Totals

4

4

3

9

20

Total Weekly Asking Price Sales Volume: $168,802,000
Average Asking Price: $8,440,100
Median Asking Price: $6,300,000
Average Discount from Original Ask to Last Asking Price:8%
Average Days on Market:330
*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/160505cb683585.htm


TO VIEW 2 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/1605051887d538.htm

Donna Olshan
President
dso@olshan.com

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

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