LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 4-10, 2016

18 Contracts Signed

Like the stock market, the roller-coaster ride in the Manhattan luxury real estate market looks like it could start up again. After a month of relative stability, with the number of contracts signed in the mid-20s, last week’s activity took a dive into the teens: Only 18 contracts were signed at $4 million and above, the lowest total since the week of February 15-21, 2016, when 13 contracts were signed. Another interesting stat: If you compare this same April week to past years, you will find that 18 is the lowest total since 2012, when 19 contracts were signed.

The No.1 contract was a townhouse at 152 West 13th Street, asking $15 million. This 5-story, 20-foot-wide red brick house was purchased for $5,850,000 in January 2014, and then gut renovated. It has 5,634 square feet including 4 bedrooms, 5 bathrooms, an elevator, a garden, and a roof deck.

The No. 2 contract was Unit 6 at 17 East 12th Street, asking $9,985,000, reduced from $14.5 million when it went on the market in June 2015. The unit has 4,514 square feet including 4 bedrooms, 5 bathrooms, and 2 fireplaces. The entertaining space spans 46 feet across 12th Street, and the ceiling height is 11 feet. It is in a new 9-unit condo that offers a concierge/doorman and deeded parking spaces for owners.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$5,336,250
4
Condos 0 1 5 5 Avg.Ask:
$6,330,455

Avg.$/sq.ft.:
$2,391/sq.ft.

Avg.Size:
2,647sq.ft.
11
Condops * 0 0 0 0


0
Townhouses 0 2 0 1 Avg.Ask:
$8,300,000

Avg.$/sq.ft.:
$1,872/sq.ft..

Avg.Size:
4,433sq.ft.
3
TOTALS 2 4 5 7 18
Total Weekly Asking Price Sales Volume: $115,880,000
Average Asking Price: $6,437,778
Median Asking Price: $4,997,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 238
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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