LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 24-30, 2016

23 Contracts Signed

Twenty-three contracts were signed last week at $4 million and above, the highest total since the first week in August. Included in the number were 4 townhouse deals, which were reported after 3 straight weeks of zero sales.

The No. 1 contract was a brownstone at 311 West 90th Street, asking $12.25 million reduced from $13.9 million when it went on the market in September 2015. It was purchased for $3.5 million in December 2012 and gut renovated. This 6-story, 20-foot-wide house has 6,550 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, 3 fireplaces, an elevator, a 1000-bottle wine cellar, and a beautifully landscaped garden, plus 2 terraces. The rear of the house features floor-to-ceiling, glass-and-steel windows.

The No. 2 contract was unit 16 at 221 West 77th Street, asking $10.35 million. This new condo has 3,300 square feet including 5 bedrooms, 4.5 bathrooms, and a 110-square-foot terrace off the living room. The building opened for sale in September 2015, and is reporting 16 out of 26 units in contract, averaging an asking price of $2,711/sq.ft. Amenities include a doorman, garage, a gym with a half-court basketball, a library with a billiards table, and a rooftop terrace for residents.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 1 0 Avg.Ask:
$5,600,000
2
Condos 1 6 1 9 Avg.Ask:
$6,276,471

Avg.$/sq.ft.:
$2,438/sq.ft.

Avg.Size:
2,575 sq.ft.
17
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 3 1 0 Avg.Ask:
$7,273,750

Avg.$/sq.ft.:
$1,350/sq.ft..

Avg.Size:
5,387 sq.ft.
4
TOTALS 2 9 3 9 23
Total Weekly Asking Price Sales Volume: $146,995,000
Average Asking Price: $6,391,087
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 381
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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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