LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
August 22-28, 2016

13 Contracts Signed

With apologies to songwriter Kurt Weill, as the dog days of August dwindle down to a precious few, only 13 contracts were signed last week at $4 million and above. This makes the first August since 2012 that we haven’t cracked 100 sales—93 contracts were reported for the month.

The No. 1 contract was unit 45 at 20 West 53rd Street, asking $22 million, reduced from $23.5 million when it was listed in March 2013. This 4-bedroom, 4.5-bathroom condo has 4,545 square feet and panoramic city views. It is in the new Baccarat Hotel & Residences, a 50-story building with 61 condos and 114 hotel rooms designed by Skidmore Owens and Merrill with interiors by Tony Ingrao.

The No. 2 contract was the 14th floor at 1133 Fifth Avenue, asking $15.8 million, reduced from $18 million when it went on the market in January. This 4-bedroom, 4-bathroom co-op has views of Central Park and the reservoir from the 27-foot living room (with a fireplace), the library, and the master bedroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$12,650,000
2
Condos 0 1 3 4 Avg.Ask:
$7,225,000

Avg.$/sq.ft.:
$3,218/sq.ft.

Avg.Size:
2,245 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 1 Avg.Ask:
$6,498,333

Avg.$/sq.ft.:
$1,366/sq.ft..

Avg.Size:
4,757 sq.ft.
3
TOTALS 4 1 3 5 13
Total Weekly Asking Price Sales Volume: $102,595,000
Average Asking Price: $7,891,923
Median Asking Price: $5,475,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 462
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 10 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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