LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
October 31-November 6, 2016

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above in Manhattan--but that number isn’t the headline news. Dig deeper into the stats, and you’ll find 10 properties went to contract at $10 million and above, the highest total of the year in that space.

The No. 1 deal: Two apartments that were purchased to be combined at 443 Greenwich Street: 3A, asking $14.4 million, and 2A, asking $14.15 million. Each apartment has 4,241 square feet with 4 bedrooms and 4.5 bathrooms, as well as 40-foot great rooms, 22-foot kitchens, and 10.5-foot ceilings. The building was bought in foreclosure in 2012 for $150 million. Built in the late 1880s, it is a former factory that was converted into a 53-unit condo and features large windows with huge shutters. Closings started in June. Amenities include a lap pool, fitness center, a garage with valet parking, a landscaped courtyard, a roof deck, storage units, and wine cellars.

The No. 2 contract was Apartment 5 at 145 West 11th Street, asking $17.25 million, raised from $16.75 million when it started on the market in November 2013 (at that point it was being sold off of floorplans). The condo has 4,513 square feet with 4 bedrooms and 4.5 bathrooms in The Greenwich Lane condominium, a newly-finished complex of 5 buildings with 194 condos and 5 townhouses. Only 5 apartments and 1 townhouse are left, priced north of $3,500/square foot. Amenities include concierge, doorman, fitness center, pool, children’s room, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 1 1 Avg.Ask:
$8,405,000
4
Condos 2 2 2 12 Avg.Ask:
$9,530,833

Avg.$/sq.ft.:
$2,935/sq.ft.

Avg.Size:
3,248 sq.ft.
18
Condops * 1 0 0 0 Avg.Ask:
$4,450,000

Avg.$/sq.ft.:
$3,116/sq.ft.

Avg.Size:
1,428 sq.ft.
1
Townhouses 0 1 0 0 Avg.Ask:
$5,500,000

Avg.$/sq.ft.:
$1,866/sq.ft..

Avg.Size:
$2,948/sq.ft.
1
TOTALS 4 4 3 13 24
Total Weekly Asking Price Sales Volume: $215,125,000
Average Asking Price: $8,963,542
Median Asking Price: $7,000,000
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 442
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 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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