LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 2-8, 2016

28 Contracts Signed

News Flash! The No. 1 contract of the year was signed last week in a Downtown condo. The unit was PHH at 443 Greenwich Street, asking $54 million. It was one of the 28 contracts signed at $4 million and above.

PHH at 443 Greenwich is a triplex with 8,908 square including 5 bedrooms, 6 bathrooms, 2 powder rooms, a dining room, library, and a rooftop entertainment room. It also has a 3,246-square-foot terrace with a plunge pool and a summer kitchen. The great room is 40-feet long with 20-foot ceilings, and there is a private interior elevator. Two private parking spaces are also included in the sale.

The No. 2 contract was apartment 4B at 33 East 74th Street, asking $14.750 million. This condo unit has 3,889 square feet including 3 bedrooms and 3.5 bathrooms. The living room, dining room, and one bedroom face Madison Avenue. The unit is in a new condo building that is being created out of a row of landmark brownstones next to the former Whitney Museum. The Wall Street Journal reported last week that Russian billionaire Alexey Kuzmichev spent $57.5 million for 2 units in the building that he plans to combine. In October, he went to contract on a 10,000-square-foot unit for $42 million, and recently purchased an adjoining 3,800-square foot apartment for $15.5 million.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 6 1 0 1 Avg.Ask:
$5,348,125
8
Condos 2 3 1 9 Avg.Ask:
$9,795,667

Avg.$/sq.ft.:
$3,027

Avg.Size:
3,236
15
Condops * 2 0 0 0 Avg. Ask$8,975,000
Avg $/sq.ft.:$2,640

Avg. Size: 3,400
2
Townhouses 0 0 0 3 Avg.Ask:
$9,741,667

Avg.$/sq.ft.:
$1,937.

Avg.Size:
5,028
3
TOTALS 10 4 1 13 28
Total Weekly Asking Price Sales Volume: $237,644,900
Average Asking Price: $8,487,318
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 275
*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