LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 6-12, 2016

19 Contracts Signed

Only 19 contracts were signed last week at $4 million and above, hardly a sterling number for the start of June. But if you are looking for a silver lining in the Manhattan market, here it is: Seven of the signed contracts were north of $10 million including one of the highest sales of the year.

The No. 1 contract was the Penthouse at 20 West 53rd Street, asking $54 million, reduced from $60 million when it went on the market over three years ago. This duplex condo has 7,381 square feet with 5 bedrooms, 5.5 bathrooms, and a 41-foot terrace off the living room. The unit has spectacular views of Central Park and the city. It is in the new Baccarat hotel and condo, where amenities include access to hotel services, concierge, doorman, valet, spa, a pool with private cabanas, and the highly-rated Le Chevalier restaurant.

The No. 2 contract was 27 East 11th Street, asking $29.995 million, reduced from $33.875 million when it went on the market in October. This 5-story, 25-foot-wide Greek Revival house was purchased in 2013 for $11.8 million and then gut renovated. It has 7 bedrooms, 10 bathrooms, an elevator, 4 wood-burning fireplaces, 3 gas fireplaces, a large landscaped garden, 2 terraces, and a roof deck. This house has high-end finishes in the kitchen and bathrooms, floors with radiant heat, and an 18-zone central air conditioning system. Annual real estate taxes are $112,523.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 3 0 0 Avg.Ask:
$12,636,667
3
Condos 1 3 3 4 Avg.Ask:
$12,742,500

Avg.$/sq.ft.:
$3,630/sq.ft.

Avg.Size:
3,510 sq.ft.
11
Condops * 1 0 0 0 Avg.Ask:
$5,595,000

Avg.$/sq.ft.:
$2,848/sq.ft.

Avg.Size:
$2,000sq.ft.
1
Townhouses 1 1 0 2 Avg.Ask:
$14,361,250

Avg.$/sq.ft.:
$2,197/sq.ft..

Avg.Size:
6,538sq.ft.
4
TOTALS 3 7 3 6 19
Total Weekly Asking Price Sales Volume: $241,217,500
Average Asking Price: $12,695,658
Median Asking Price: $7,750,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 350
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 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

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook