OLSHAN LUXURY MARKET REPORT

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March 7-13, 2016

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

26 Contracts Signed

The stock market has rebounded from early February and now it’s the Manhattan luxury real estate market’s turn to mark a headline of its own: 26 properties went to contract last week at $4 million and above—the highest total of the year to date.

The No.1 contract was a brownstone at 14 West 69th Street, asking $15,495,000. This 25-foot-wide building has 10,020 square feet that is divided into 15 apartments, and is being sold free and clear of tenants. Annual real estate taxes are $125,217.

The No. 2 contract is PH1 at 959 First Avenue, asking $11,759,990. This 4-bedroom, 4.5-bathroom triplex has 3,503 square feet and terraces totaling 1,770 square feet. The ground floor has a living room, dining room, kitchen, bedroom, and 2 terraces. The middle floor has 3 bedrooms including a master suite with a 31-foot terrace. The top floor features a family room, plus another 31-foot terrace with a swimming pool. The unit is in The Sutton, a new condo being developed by Toll Brothers. Amenities include concierge, fitness center, storage rooms, a children’s playroom, a lounge, and a garden for residents.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 7-13, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

3


Avg.Ask:$7,168,125

9

Condos

1

7

0

7

Avg.Ask:$6,585,311
Avg.$/sq.ft.:$2,437/sq.ft.
Avg.Size:2,706 sq.ft.

15

Condops *

0

0

0

0



0

Townhouses

0

2

0

0

Avg.Ask:$11,745,000
Avg.$/sq.ft.:$1,385/sq.ft.
Avg.Size: 8,479 sq.ft.

2

Totals

4

11

1

10

26

Total Weekly Asking Price Sales Volume: $187,159,980
Average Asking Price: $7,198,461
Median Asking Price: $6,325,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:226
*Condop is a co-op with condo rules.

TO VIEW 24 CONTRACTS SIGNED ON APARTMENTS:
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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/1605121342587f.htm

Donna Olshan
President
dso@olshan.com

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

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