LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
May 30-June 5, 2016

24 Contracts Signed

After 2 weeks of hitting 30 and above, the action dipped to 24 contracts signed last week at $4 million and above. Despite the dip, the total is respectable, considering the week was shortened by Memorial Day.

The No.1 contract was the Penthouse at 25 Mercer, asking $17.5 million. This condo triplex has 4,584 square feet including 5 bedrooms and 5.5 bathrooms. The top floor has 2 terraces totaling 2,600 square feet with a fireplace. The unit has some dramatic features like 13-foot ceilings in several rooms, a large entertainment space with a fireplace, and a large eat-in kitchen. This 5-unit boutique condo started sales in April. The building has a virtual doorman but no amenities.

The No. 2 contract was 61B at 252 East 57th Street, asking $11.4 million, reduced from $13.4 million when it went on the market in March 2015. This 3,331-square-foot unit has 4 bedrooms and 4.5 bathrooms, a 39-foot living room with a balcony, and spectacular views of Central Park and the East River. The condo has 11.5-foot ceilings, and was sold off of floorplans in a new building designed by Skidmore, Owings & Merrill. Amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen and dining room, bicycle and storage rooms, and furnished guest suites. There is also a play space and grooming station for your dog.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 1 0 Avg.Ask:
$5,797,500
6
Condos 1 3 2 10 Avg.Ask:
$6,587,000

Avg.$/sq.ft.:
$2,641

Avg.Size:
2,495 sq.ft.
16
Condops * 0 0 1 0 Avg.Ask:
$7,525,000

Avg.$/sq.ft.:
$2,500/sq.ft.

Avg.Size:
3,010sq.ft.
1
Townhouses 0 1 0 0 Avg.Ask:
$6,850,000

Avg.$/sq.ft.:
$2,074/sq.ft..

Avg.Size:
3,303 sq.ft.
1
TOTALS 5 5 4 10 24
Total Weekly Asking Price Sales Volume: $154,560,000
Average Asking Price: $6,440,000
Median Asking Price: $5,200,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 209
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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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