LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
June 27-July 3, 2016

24 Contracts Signed

If you wanted fireworks last week, you had to wait until the 4th of July. Which is not to say that the total of 24 contracts that were signed at $4 million and above was nothing to cheer about. In fact, the activity was a refreshing way to kick off the summer.

For example: Going against the prevailing trend, the No. 1 contract was 73A at 432 Park, asking $33.750 million, RAISED from $29.750 million when it was marketed off of floorplans in 2013. Now completed, the condo has 4,019 square feet including 3 bedrooms, 4.5 bathrooms, a library, and spectacular views of the city, East River, and Central Park. The unit features 12.5-foot ceilings and windows that measure 10 x10 feet. This new building is 96 stories high, a concrete-and- glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot pool, private dining, parking, a garden, and a children’s playroom.

The No. 2 contract was 33 West 71st Street, asking $13.995 million, reduced from $18.5 million when it went on the market in November 2014. This 19.5-foot-wide house has 5 stories and 8,500 square feet including 6 bedrooms, 4 full bathrooms, and 4 powder rooms. It was purchased for $6.225 million in 2013 and gut renovated. The house has all the modern conveniences including an elevator, central air, bathrooms with radiant heat, a garden, and a rooftop terrace that features a hot tub and an outdoor kitchen.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 1 2 1 Avg.Ask:
4
Condos 2 2 0 12 Avg.Ask:
$8,417,687

Avg.$/sq.ft.:
$2,792/sq.ft.

Avg.Size:
3,015 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 2 1 1 Avg.Ask:
$9,097,500

Avg.$/sq.ft.:
$1,413/sq.ft..

Avg.Size:
6,438 sq.ft.
4
TOTALS 2 5 3 14 24
Total Weekly Asking Price Sales Volume: $208,671,995
Average Asking Price: $8,694,666
Median Asking Price: $8,095,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 267
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 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