LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 9-15, 2016

29 Contracts Signed

The Manhattan luxury real estate market set two 2016 records last week. Twenty-nine contracts were signed at $4 million and above, the highest total of the year. And the No. 1 contract was the biggest of the year.

The top spot went to PH88 at 432 Park, asking $76.5 million. This 8,055-square-foot condo has spectacular views of the entire city and Central Park. The unit has 5 bedrooms, 7.5 bathrooms, a 44-foot living room, a library with a fireplace, an eat-in-kitchen, 12.5-foot ceilings, and windows that measure 10 by 10 feet. Amenities include a fitness center, a 75-foot pool, private dining, parking, a garden, and a children’s playroom. For those of you who may not know, this is the building that can be seen from almost anywhere in New York City.

The No. 2 contract was PHW at 135 West 4th Street, asking $12,495,000. This duplex condo has 3 bedrooms, 2.5 bathrooms, and a 500-square-foot planted terrace with a 20-foot ceiling on the top floor. The unit last sold in 2010 for $6.3 million. In 2006, this former Methodist church was converted into an 8-unit condominium called the Novare.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 3 0 1 Avg.Ask:
$5,335,000
5
Condos 2 2 1 14 Avg.Ask:
$11,492,737

Avg.$/sq.ft.:
$3,535

Avg.Size:
3,251
19
Condops * 0 0 0 1 Avg. Ask:$7,495,000
Avg Ask $/sq.ft.:$2,156

Avg. Size: 3,477
1
Townhouses 2 0 0 2 Avg.Ask:
$7,273,750

Avg.$/sq.ft.:
$1,817.

Avg.Size:
4,003
4
TOTALS 5 5 1 18 29
Total Weekly Asking Price Sales Volume: $281,627,000
Average Asking Price: $9,711,276
Median Asking Price: $6,995,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 260
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 25 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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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