LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 11-17, 2016

17 Contracts Signed

The dog days of August seem to have arrived a little early this year, at least in the Manhattan luxury real estate market. Only 17 contracts were signed last week at $4 million and above—one less than the previous week, which was nothing to shout about. Ten of the 15 condos that sold were in new developments; some of them went on the market several years ago.

The No. 1 contract was a brownstone at 451 West 24th Street, asking $13.75 million that sold within a month of listing. This 21-foot-wide, 4-story house was purchased in 2007 for $4.4 million, and then underwent a multi-year renovation that expanded the building to 5,000 square feet including 4 bedrooms, 3 bathrooms, 2 powder rooms, a terrace off the master suite, and a landscaped garden. Architect Winka Dubbeldam delivered a high level of design that incorporated contemporary details including a rear glass façade and a glass-enclosed staircase.

The No. 2 contract was 31/32E at 10 West Street, asking $11.5 million, reduced from $13.525 million when it went on the market in April 2015. This 5,088-square-foot duplex in the Ritz Carlton condominium has breathtaking views of New York Harbor and the Statue of Liberty. It has 5 bedrooms, 6 bathrooms, an eat-in kitchen, and a media room. Building amenities include a spa/gym, maid service, and valet parking.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 1 0 Avg.Ask:
$9,775,000
1
Condos 2 1 3 9 Avg.Ask:
$6,323,667

Avg.$/sq.ft.:
$2,487/sq.ft.

Avg.Size:
2,542sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$13,750,000

Avg.$/sq.ft.:
$2,750/sq.ft..

Avg.Size:
5,000 sq.ft.
1
TOTALS 2 1 4 10 17
Total Weekly Asking Price Sales Volume: $118,380,000
Average Asking Price: $6,963,529
Median Asking Price: $6,350,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 430
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 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

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











Email Olshan Olshan on Twitter Olshan on Facebook