LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 11-17, 2016

28 Contracts Signed

Talk about a comeback! Twenty-eight contracts were signed last week at $4 million and above, a more than 50% rise over the previous week’s total. Hang on tight—the roller- coaster ride that we’ve been experiencing in the Manhattan luxury real estate market looks like it ain’t over yet.

For the second time in 3 weeks, the No.1 slot went to a unit at 432 Park Avenue. Apartment 66B, asking $32.5 million, has 4,019 square feet including 3 bedrooms and 4.5 bathrooms, with views of the city and Central Park. The unit features 12.5-foot ceilings and windows that measure 10 x10 feet. This new condo is 96 stories high with 142 units, a concrete-and- glass edifice 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 was Apartment 2/3D at 740 Park Avenue, asking $22.5 million, reduced from $29.5 million when it went on the market in September 2014. Designed by Alan Wanzenberg, this 15-room duplex co-op has 4 bedrooms, 4.5 bathrooms, and 3 maid’s rooms, and faces south on 71st Street. The entertaining space is downstairs, and has a 13-foot terrace off a 37-foot living room. 740 Park is one of the all-time status buildings, and was chronicled in a book by Michael Gross. It was the childhood residence of Jacqueline Kennedy Onassis, and current residents include David Koch, Ron Lauder, Vera Wang, and Blackstone CEO Stephen Schwarzman.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 2 3 Avg.Ask:
$7,465,555
9
Condos 0 3 4 11 Avg.Ask:
$8,939,667

Avg.$/sq.ft.:
$3,534

Avg.Size:
2,530
18
Condops * 0 0 0 0


0
Townhouses 0 0 0 1 Avg.Ask:
$8,500,000

Avg.$/sq.ft.:
$1,602.

Avg.Size:
5,306
1
TOTALS 3 4 6 15 28
Total Weekly Asking Price Sales Volume: $236,603,999
Average Asking Price: $8,450,143
Median Asking Price: $6,287,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 280
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 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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