LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
July 25-31, 2016

12 Contracts Signed

A heat wave sent a chill through the Manhattan luxury market last week. It may not be fair to blame it all on the weather, but only 12 contracts were signed at $4 million and above, the lowest total since 6 contracts were signed in the first week of January, which included New Year’s Day.

A couple of notes for you stat geeks: Year to date, the number of contracts signed at $4 million and above has dropped 23% -- from 878 to 677—over the same period last year. One contributing factor: a big decline in sales on the Upper East Side. Last year at this time, 245 sales were registered at $4 million and above on the Upper East Side compared to 145 this year. You can blame some of the decline on the growing unpopularity of co-ops.

For the fifth time this year, the No 1 spot goes to a unit at 432 Park: 82A, asking $21.5 million for 2,633 square feet, which translates to $8,166/sq.ft. The 3-bedroom, 3-bathroom unit includes 12.5-ceilings with views of Central Park and the river, 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 Penthouse 4 at 132 East 65th Street, asking $10.995 million, reduced from $14.5 million when it went on the market in December of 2014 after being purchased from Toll Brothers for $13,579,371 in September 2013. The unit has 3,700 square feet including 4 bedrooms and 4.5 bathrooms.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 3 Avg.Ask:
$7,221,245
4
Condos 1 0 3 3 Avg.Ask:
$9,300,714

Avg.$/sq.ft.:
$3,659/sq.ft.

Avg.Size:
2,542sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 0 Avg.Ask:
$7,995,000

Avg.$/sq.ft.:
$1,573/sq.ft..

Avg.Size:
5,084sq.ft.
1
TOTALS 3 0 3 6 12
Total Weekly Asking Price Sales Volume: $101,984,980
Average Asking Price: $8,498,748
Median Asking Price: $6,539,995
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 431
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 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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