LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 4-10, 2016

18 Contracts Signed

Eighteen contracts were signed in Manhattan last week at $4 million and above, a solid number when you consider the following: The week was shortened by the July 4 celebration, which fell on a Monday, and many of the celebrants took the rest of the week off.

It should also be noted that 6 of the 18 contracts were in 1 Great Jones Alley, a new condo that went on the market in January and reported all of its signed contracts in one fell swoop. The building, designed by BKSK architects, has 12 floors and 16 units. The 6 units with signed contracts had an average asking price of $2,808/sq.ft. Amenities include a doorman, fitness center, and a spa with thermal baths and a plunge pool.

For the second week in a row, the No. 1 slot went to 432 Park, this time for apartment 18A, asking $18.5 million. It has 4,082 square feet with 3 bedrooms, a library, and 4.5 bathrooms. The unit features 12.5-foot ceilings, north and east exposures, 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 swimming pool, private dining, parking, a garden, and a children’s playroom.

The No. 2 contract was PH3 at 235 West 75th Street, asking $10,622,500. The unit 3,438 square feet including 4 bedrooms and 4.5 bathrooms. It is in the Astor condominium.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$6,637,500
2
Condos 1 3 2 9 Avg.Ask:
$6,766,833

Avg.$/sq.ft.:
$2,858/sq.ft.

Avg.Size:
2,368sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$8,900,000

Avg.$/sq.ft.:
$3,813/sq.ft..

Avg.Size:
2,334sq.ft.
1
TOTALS 3 3 2 10 18
Total Weekly Asking Price Sales Volume: $123,677,500
Average Asking Price: $6,870,972
Median Asking Price: $5,725,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 268
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 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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