LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 8-14, 2016

9 Contracts Signed

I guess we popped our corks a little too soon. Last Monday (August 8), we reported 43 contracts signed, thanks in large part to two new condo buildings that accounted for 24 deals that were sold over many months but hit this report in one fell swoop. Today? Uh, oh. We are reporting only 9 contracts signed last week at $4 million and above---which I am chalking up to a combo of oppressive August heat and New Yorkers fleeing the city for vacation. This is the second lowest weekly total of the year, and the second time that no co-op sales were reported.

The No. 1 contract was 17E at 50 Riverside Boulevard, asking $13.85 million, reduced from $15.35 million when it went on the market in December 2013. The condo has dramatic Hudson River views and 4,224 square feet including 5-bedrooms and 6.5 bathrooms wrapped in a spectacular 3,620-square-foot terrace with a swimming pool off the master bedroom. It was sold by the sponsor, Extell, which developed the building with a robust package of amenities, including the use of next door’s Aldyn condominium’s 40,000-square-foot fitness space that features a large gym, a 75-foot pool, full-sized basketball court, squash court, 2-lane bowling alley, and a rock-climbing wall.

The No. 2 contract was 10B at 551 West 21st Street, asking $11.9 million. The unit was originally asking $10.25 million and sold off of floorplans. It was under contract in May 2014 but never closed; the contract holder was allowed to assign the contract to a new buyer. The unit re-entered the market last spring as the building was on the verge of completion, and raised its price to $11.9 million. The corner apartment has 3,860 square feet that includes a 19 x 30-foot great room, 3 bedrooms, and 3.5 bathrooms. This new High Line area condo was designed by Foster + Partners, home of the Pritzker Prize-winning architect Sir Norman Foster. The building has high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a gated drive-in court surrounded by a green wall, and has a 34-foot-tall lobby with prismatic glass.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 2 0 0 6 Avg.Ask:
$7,185,000

Avg.$/sq.ft.:
$2,575/sq.ft.

Avg.Size:
2,790sq.ft.
8
Condops * 0 0 1 0 Avg.Ask:
$4,495,000

Avg.$/sq.ft.:
$2,427/sq.ft.

Avg.Size:
1,852sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 2 0 1 6 9
Total Weekly Asking Price Sales Volume: $61,975,000
Average Asking Price: $6,686,111
Median Asking Price: $5,495,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 399
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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