OLSHAN LUXURY MARKET REPORT

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March 14-20, 2016

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

28 Contracts Signed

The stock market was up again last week--and guess what happened to the Manhattan luxury real estate market? It was also up again. For the second week in a row, the total number of contracts signed at $4 million and above exceeded all the previous weeks. Twenty-eight contracts were signed, the highest weekly number in 2016.

The No. 1 contract was 684 Park Avenue, a mansion house asking $29.5 million, reduced from $48 million when it went on the market in October of 2014. This 6-story, 26-foot-wide Georgian-inspired house has 11,235 square feet. Designed by McKim Mead and White, and built in 1926, it has been the home of the Queen Sofia Spanish Institute since 1967.

The No. 2 contract was 19A at 212 Fifth Avenue, asking $17.6 million. This 4-bedroom, 4.5-bathroom apartment has 4,089 square feet, and is being sold off of floorplans. It is in a prewar office building that is being converted to a condo. The unit has high ceilings and a great room measuring 19-6’ x 36-8’. Building amenities include doorman, concierge, fitness center, children’s playroom, storage, and valet parking.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 14-20, 2016

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

0

Avg.Ask:$4,881,667

4

Condos

3

4

1

13

Avg.Ask:$6,865,227
Avg.$/sq.ft.:$2,665/sq.ft.
Avg.Size:2,576 sq.ft.

21

Condops *

0

0

0

0



0

Townhouses

1

2

0

0

Avg.Ask:$17,031,667
Avg.$/sq.ft.:$2,402/sq.ft.
Avg.Size: 7,092sq.ft.

3

Totals

7

7

1

13

28

Total Weekly Asking Price Sales Volume: $216,775,000
Average Asking Price: $7,741,964
Median Asking Price: $5,772,500
Average Discount from Original Ask to Last Asking Price:10%
Average Days on Market:272
*Condop is a co-op with condo rules.

TO VIEW 25 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/1605198893ffae.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/160519ce27cb13.htm

Donna Olshan
President
dso@olshan.com

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

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