LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
September 26-October 2, 2016

20 Contracts Signed

Autumn in New York is getting off to a good start. For the first time in 8 weeks, we hit what has lately become an elusive benchmark: 20 contracts signed last week at $4 million and above.

And for the second time in the last 4 weeks, the No. 1 contract was an apartment at 157 West 57th Street: unit 65 B, asking $28.3 million. The condo has 4,193 square feet including 3 bedrooms and 3.5 bathrooms, plus 11-foot ceilings and breathtaking views of Central Park from the living room and master suite. 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 No. 2 contract was a townhouse at 153 West 82nd Street, asking $9.850 million, reduced from $10.225 million when it went on the market in March. This 17-foot-wide, 5-story house has 4,200 square feet and was completely renovated after being purchased for $3.2 million in 2010. It has 5 bedrooms, 4.5 bathrooms, a gym and playroom, a large garden, and several terraces. The house does not have an elevator.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 2 1 1 Avg.Ask:
$6,347,000
5
Condos 1 1 2 9 Avg.Ask:
$7,481,750

Avg.$/sq.ft.:
$2,729/sq.ft.

Avg.Size:
2,741 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 2 0 0 Avg.Ask:
$8,650,000

Avg.$/sq.ft.:
$1,880/sq.ft..

Avg.Size:
4,600 sq.ft.
2
TOTALS 2 5 3 10 20
Total Weekly Asking Price Sales Volume: $147,847,750
Average Asking Price: $7,392,388
Median Asking Price: $5,450,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 275
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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

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Donna Olshan and Olshan Realty
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