LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 21-27, 2016

24 Contracts Signed

And the beat goes on in the Manhattan luxury real estate market. Twenty-four properties went to contract last week, a stronger number than it would appear at first blush. Remember, it was Easter Week and many buyers were away as the private schools began their two-week Spring break.

The No.1 contract was 3W at 998 Fifth Avenue asking $25.5 million, reduced from $32 million when it went on the market in January 2015. This 12-room co-op has 3 bedrooms, 6.5 bathrooms, an eat-in kitchen, and 3 maid’s rooms/offices. The main rooms face the Metropolitan Museum: a living room with a fireplace, a formal dining room, a paneled library with a fireplace, and the master suite. The unit has a 35-foot entrance gallery and high ceilings.

The No. 2 contract was PH6 at 293 Lafayette, asking $18.5 million, reduced from $22 million when it went on the market in September 2014. This 4,895 square-foot unit is in the Puck Penthouses condo, an 1885 cast-iron commercial loft-style building. The Kushner Company is developing the top 3 floors (8,9,10) into 6 condo penthouses. PH6 does not have a terrace, but it does have 3 bedrooms, a media room, and 4.5 bathrooms. The living room measures 23’ x 41’ and has a gas fireplace. The master has a sitting room with a gas fireplace and two ensuite bathrooms. The unit features architectural details like columns, exposed beams, and barrel-vaulted ceilings that are approximately 13 feet high. The building has a private residential entrance with an elegant lobby attended by a 24-hour concierge.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 2 0 2 Avg.Ask:
$8,909,714
7
Condos 2 0 1 12 Avg.Ask:
$7,540,333

Avg.$/sq.ft.:
$2,899/sq.ft.

Avg.Size:
2,601sq.ft.
15
Condops * 1 0 0 0 $7,995,000
$3,359/sq.ft.

2,380sq.ft.
1
Townhouses 0 0 1 0 Avg.Ask:
$8,550,000

Avg.$/sq.ft.:
$1,736/sq.ft..

Avg.Size:
4,925sq.ft.
1
TOTALS 6 2 2 14 24
Total Weekly Asking Price Sales Volume: $191,928,000
Average Asking Price: $7,997,000
Median Asking Price: $5,707,250
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 228
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

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Donna Olshan and Olshan Realty
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