LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 1-7, 2016

43 Contracts Signed

Stats geeks, listen up: 43 contracts were signed last week at $4 million and above, the highest total since the end of March 2014. You read that right! Let’s raise a glass to the two buildings that were responsible for 24 of the 43 sales---21 East 12th and 70 Vestry.

21 East 12th Street came on the market on June 9, and last week reported a total of 16 sales north of $4 million including 2 penthouses in one fell swoop. Two-bedroom apartments were the big hit in this new condo with 12 contracts at prices from $4.4 million to $5.25 million, averaging $3,093/square foot. The building was designed by architect Annabelle Selldorf on the site of the former Bowlmor Lanes. Amenities include a doorman, fitness room, residents’ lounge, and onsite parking.

The No. 1 contract was 8N at 70 Vestry Street, asking $29.5 million. The unit has 5,825 square feet including 7 bedrooms, 8.5 bathrooms, outdoor space totaling 1,215 square feet, and views of the Hudson River. Monthly common charges and taxes are $21,343. 70 Vestry is a 14-story, 46-unit condo that has been very quietly on the market since April. The developer is Related, and the architect is the renowned Robert A.M. Stern, who designed 15 Central Park West. Interiors are by Daniel Romualdez. The 8 contracts signed at 70 Vestry represent a cumulative total since April. They had an average price of $3,905/square foot. The building’s facade is constructed of a French limestone called Beaumaniere. Most ceiling heights are at least 10 feet, and the windows are 9-feet tall. Amenities include a doorman, concierge, a fitness center, squash court, and 3 pools: an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, and children’s playroom. Parking spots are available for sale in the building. The condo is not expected to be completed until 2018.

The No. 2 contract was a townhouse at 116 Waverly Place, asking $23.5 million, reduced from $34 million when it went on the market in March 2014. The house was purchased for $6.85 million in September 2010, and then gut renovated. It is 22-feet-wide with 6 stories and 10,200 square feet with 7 bedrooms and 11 bathrooms. The house has an elevator, a 15-zone central air conditioning system, 4 fireplaces, a rooftop swimming pool, hot tub, and a gym. Annual real estate taxes are $90,568.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 0 Avg.Ask:
$6,125,000
4
Condos 2 1 2 32 Avg.Ask:
$7,713,162

Avg.$/sq.ft.:
$3,262/sq.ft.

Avg.Size:
2,365 sq.ft.
37
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$21,625,000

Avg.$/sq.ft.:
$1,676/sq.ft..

Avg.Size:
12,900sq.ft.
2
TOTALS 4 3 2 34 43
Total Weekly Asking Price Sales Volume: $353,137,000
Average Asking Price: $8,212,488
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 150
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 41 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 41 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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