LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 17-23, 2016

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above. A couple of notes: For the third week in a row, not a single townhouse has reported a signed contract at $4 million and above, a rare occurrence in the Manhattan luxury residential market. Plus, the top two deals were in Downtown condos, both designed by the Pritzker Prize-winning architects Herzog & de Meuron.

The No. 1 contract was PH58 at 56 Leonard Street, asking $34.5 million, increased from $25.5 million when it went on the market in 2013 and was being sold off of floorplans. This is one of the last remaining units being sold by the sponsor. 56 Leonard originally went on the market in 2008 and closed up shop when the financial crisis hit. Sales resumed in 2013 at a brisk pace. The building is a 60-story, 145-unit condo built like a glass obelisk. PH58 has 5,489 square feet including 5 bedrooms and 5.5 baths, plus 2 terraces totaling 745 square feet. The unit has a 41-foot master suite, a 39-foot great room with a fireplace, 14-foot ceilings, and massive windows that showcase views of the city, the Statue of Liberty, and the Hudson River.

The No. 2 contract was PH2 at 215 Chrystie Street, asking $20 million for a new 4,236-foot condo with 4 bedrooms and 4.5 bathrooms. The third--and last--penthouse to sell in the building in the past month, the unit is a full floor with panoramic views. 215 Chrystie is a boutique condo being built above a 370-room hotel. It has contracts on 8 of 11 units, and is expected to be completed next year. Owners have access to hotel amenities and services. The units have sleek interiors by John Pawson and fabulous views of the city.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 1 0 Avg.Ask:
$6,000,000
2
Condos 1 4 0 11 Avg.Ask:
$11,305,313

Avg.$/sq.ft.:
$3,488/sq.ft.

Avg.Size:
3,241 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 2 4 1 11 18
Total Weekly Asking Price Sales Volume: $192,885,000
Average Asking Price: $10,715,833
Median Asking Price: $7,575,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 409
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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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