LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
April 25-May 1, 2016

28 Contracts Signed

I’m not complaining about last week’s action in the Manhattan luxury real estate market, but it would be nice if we could top 30 contracts signed at $4 million and above for the first time in 2016.

Of the 28 contracts signed at $4 million and above, the No.1 contract was Penthouse B at 247 West 12th Street, asking $14.995 million. This 8-room duplex co-op has a 40-foot great room with a wood-burning fireplace and a 1,000-square-foot landscaped roof deck, outfitted with a full kitchen and sweeping views of downtown Manhattan. Penthouse B is a combination of 2 units that were purchased in 2007 for $6,175,000, then extensively renovated and designed by the architecture firm of Gluckman Tang.

The No. 2 contract was 11A South at 160 Leroy Street, asking $14.5 million, reduced from $15.25 million when it went on the market in January. This 4-bedroom, 3.5-bathroom unit has 3,450 square feet and Hudson River views. This new condo was sold off of floorplans, and is designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron. Amenities in the 49-unit building include a landscaped motor court, a doorman, concierge, parking, fitness center, pool, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 5 Avg.Ask:
$7,103,000
10
Condos 3 4 1 7 Avg.Ask:
$6,215,267

Avg.$/sq.ft.:
$2,540

Avg.Size:
2,447
15
Condops * 0 0 0 0


0
Townhouses 1 1 0 1 Avg.Ask:
$9,050,000

Avg.$/sq.ft.:
$1,392.

Avg.Size:
6,502
3
TOTALS 8 6 1 13 28
Total Weekly Asking Price Sales Volume: $191,409,000
Average Asking Price: $6,836,036
Median Asking Price: $5,375,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 189
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 25 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

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook