LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 23-29, 2016

33 Contracts Signed

Another week, another year-to-date record for the Manhattan luxury real estate market. Thirty-three contracts were signed last week at $4 million and above, three more than the previous week’s 2016 record. One thing to note: The market has racked up more sales as prices have been slashed. Last week, for example, the average price drop was 11% below the original asking price. These properties sat on the market for an average of 366 days.

Is this a market that is starting to correct? Consider this: For the entire month of May 2016, the average price drop was 7% from the original asking price with 275 days on the market compared to 4% and 211 days in May 2015. The number of contracts signed in May 2016 was 148 compared to 157 in May 2015. But get this: The May 2016 contract activity was ahead of 2014 and 2013 when 146 and 136 contracts were signed.

The No. 1 contract was 38A at 15 Central Park West, asking $29.95 million, reduced from $36.5 million when it went on the market last August. The unit has 2,846 square feet including 3 bedrooms and 3.5 bathrooms; the master bedroom and living room share a 22-foot terrace that faces Central Park. In 2008, the apartment sold for $27 million. 15 Central Park West is one of the most expensive condos in New York. It is a limestone structure designed by Robert A.M. Stern with a host of amenities including a 14,000-square-foot fitness center that has a 75-foot pool; it also features a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was 18A at 212 West 18th Street, asking $25.5 million, reduced from $34 million when it went on the market last August. This 4-bedroom, 4.5-bath duplex has 4,871 square feet and 2 terraces. Downstairs is a dramatic 27 x 23-foot living room, a master suite, library, eat-in kitchen, and a guest room. Upstairs are two more bedrooms plus a media room. The unit last sold in 2014 for $17,156,250. It is in Walker Tower condominium, where amenities include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common-roof deck with a dining area, sun lawn, observation area, and a covered cabana.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 2 1 0 Avg.Ask:
$8,771,667
8
Condos 0 2 6 15 Avg.Ask:
$7,771,590

Avg.$/sq.ft.:
$3,110/sq.ft.

Avg.Size:
2,499 sq.ft.
23
Condops * 0 0 0 1 Avg.Ask:$5,890,000
Avg.$/sq.ft.:$3,068/sq.ft.

Avg.Size: 1,920sq.ft.
1
Townhouses 1 0 0 0 Avg.Ask:
$14,999,999

Avg.$/sq.ft.:
$2,206/sq.ft..

Avg.Size:
6,800
1
TOTALS 6 4 7 16 33
Total Weekly Asking Price Sales Volume: $270,809,988
Average Asking Price: $8,206,363
Median Asking Price: $5,500,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 366
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 32 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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