LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
November 28-December 4, 2016

37 Contracts Signed

Stats Geeks, pay attention: The Manhattan luxury real estate market just recorded some great news. Thirty-seven signed contracts were reported last week at $4 million and above, the second best week of 2016. There’s more: Last week also notched the highest dollar volume of the year--a total of $371,615,465 in sales.

The No.1 contract was 77B at 80 Columbus Circle, asking $50 million. This Mandarin Oriental condo has been on the market since February 2012, and according to reliable sources it sold for significantly below the asking price. The unit has 4,825 square feet with 4 bedrooms, 5.5 bathrooms, and a 78-foot expanse facing Central Park that includes a 41-foot master suite. The apartment last sold in 2006 for $17,259,337.

The No. 2 contract was PH81 at 30 Park Place, asking $26.19 million. This unit has 5,443 square feet including 4 bedrooms, 4.5 bathrooms, and 2 terraces that total 676 square feet. 30 Park Place is an 80-story limestone building designed by Robert A.M. Stern; it has a Four Seasons Hotel on the bottom 22 floors and 157 condos above that. The sales office reported 8 contracts last week, a cumulative total of a month or more worth of sales. Included in the 8 contracts was the sale of 3 apartments on the 74th floor to one buyer who paid $26,165,475 for 8,113 square feet.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 1 1 Avg.Ask:
$7,697,143
7
Condos 2 4 4 17 Avg.Ask:
$10,702,425

Avg.$/sq.ft.:
$3,505/sq.ft.

Avg.Size:
3,054 sq.ft.
27
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 2 Avg.Ask:
$9,590,000

Avg.$/sq.ft.:
$1,589/sq.ft..

Avg.Size:
6,036 sq.ft.
3
TOTALS 6 6 5 20 37
Total Weekly Asking Price Sales Volume: $371,615,465
Average Asking Price: $10,043,661
Median Asking Price: $7,195,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 470
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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