LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 3-9, 2016

15 Contracts Signed

Only 15 contracts at $4 million and above were signed last week, but no need to worry over such a paltry total: It’s not unusual around this time of year to hit a perfect storm—a confluence of Jewish High Holidays and a Columbus Day weekend.

For the second time in 3 weeks, a penthouse at 215 Chrystie has taken one of the top spots. This time it was PH3, asking $18.75 million. The unit has 4,236 square feet featuring breathtaking views of the city, 10-foot ceilings, 3 bedrooms, 4.5 bathrooms, and a media room. The apartment was sold off of floorplans in an 11-unit condo that is being built above a hotel. Ian Schrager is the developer, and the architects are the Pritzker-prize winning team of Herzog & de Meuron.

The No. 2 contract was PHC at 180 Sixth Avenue, asking $15.75 million, reduced from $17.5 million when it went on the market in November of 2014. The unit has 4,759 square feet including 5 bedrooms, and 4.5 bathrooms, plus 2 terraces totaling 278 square feet that are off the living room and master bedroom. PHC is in a new building called One Vandam, a 14-story, 25-unit condo that just completed construction. Amenities include a concierge, fitness center, and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 1 0 Avg.Ask:
$7,073,750
4
Condos 0 2 0 8 Avg.Ask:
$9,089,750

Avg.$/sq.ft.:
$2,832/sq.ft.

Avg.Size:
3,210 sq.ft.
10
Condops * 0 0 0 1 Avg.Ask:
$4,750,000

Avg.$/sq.ft.:
$1,188/sq.ft.

Avg.Size:
4,000 sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 2 3 1 9 15
Total Weekly Asking Price Sales Volume: $123,942,500
Average Asking Price: $8,262,833
Median Asking Price: $6,900,00
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 357
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 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

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Donna Olshan and Olshan Realty
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