LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
March 28-April 3, 2016

25 Contracts Signed

The first quarter of the year is over, and the Manhattan luxury real estate market is still looking for a breakout week--which in this report means over 30 contracts signed. The biggest stumbling block so far: sales above $10 million. Year-to-date, 45 contracts at $10 million and above have been signed, down from 73 in 2015 and 80 in 2014.

Of the 25 contracts signed last week at $4 million and above, the No.1 slot goes to 65A at 432 Park, asking $27.5 million. The unit has 4,019 square feet including 3 bedrooms and 4.5 baths, plus a 29’x 29’ living room and 12.5-foot ceilings. This new condo is 96 stories high with 142 units, an edifice of concrete and glass designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot pool, private dining, parking, a garden, and a children’s playroom.

The No. 2 contract was 16Q at 25 Central Park West, asking $8.6 million, which sold immediately. The corner condo has 3 bedrooms and 4 bathrooms with 2,609 square feet. The living room and formal dining room have spectacular views of Central Park. The unit was sold with a ground-floor staff room.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 2 Avg.Ask:
$4,476,667
3
Condos 0 1 3 16 Avg.Ask:
$7,649,075

Avg.$/sq.ft.:
$2,920

Avg.Size:
2,619sq.ft.
20
Condops * 0 0 0 0


0
Townhouses 0 1 1 0 Avg.Ask:
$6,547,500

Avg.$/sq.ft.:
$1,438/sq.ft..

Avg.Size:
4,552sq.ft.
2
TOTALS 1 2 4 18 25
Total Weekly Asking Price Sales Volume: $179,531,980
Average Asking Price: $7,181,279
Median Asking Price: $6,270,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 221
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook