LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 5-11, 2016

15 Contracts Signed

In a Labor Day-shortened week, 15 contracts were signed in Manhattan at $4 million and above, an average total for this period of time. However, there was nothing average about the top 2 sales of the week.

The No. 1 contract represented a more than $6 million loss to the seller. That would be Apartment 62A at 157 West 57th Street, which was asking $25 million, reduced from $38.9 million when it went on the market in October 2014. But here’s the catch: It was originally purchased as a brand-new condo for $31,671,075 in April 2014. The unit has 4,483 square feet including 3 bedrooms and 4.5 bathrooms, plus 11-foot ceilings and breathtaking views of Central Park from the living room and dining room and Hudson River views from the bedrooms. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above a 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The bright spot of the week was the No. 2 contract—a record-breaking sale for the area north of 79th Street and east of Lexington Avenue. Two apartments were sold separately to be combined: the Penthouse and 32A, which was the unit below, at 360 East 89th Street, asking $21,665,000 for a total of 7,430 square feet. The penthouse is a 4,568-square-foot duplex with 4 bedrooms, 5.5 bathrooms, plus a 2,529-square-foot wraparound terrace. The living room has 20-foot tall ceilings, a fireplace, and a dramatic glass wall. The unit below, 32A, has 2,862 square feet with 4 bedrooms and 4.5 bathrooms. 360 East 89th Street is a new Yorkville-area condo called Citizen 360 that has 83 units designed by SHoP Architects with interiors by minimalist designer Clodagh. Amenities include a concierge, fitness center, playroom, screening room, garage, and a resident’s lounge with a catering kitchen.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 3 1 1 9 Avg.Ask:
$9,481,154

Avg.$/sq.ft.:
$3,052/sq.ft.

Avg.Size:
3,107 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$8,995,000

Avg.$/sq.ft.:
$1,482/sq.ft..

Avg.Size:
6,069 sq.ft.
1
TOTALS 3 2 1 9 15
Total Weekly Asking Price Sales Volume: $132,250,000
Average Asking Price: $8,816,667
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 315
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 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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