LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 5-11, 2016

30 Contracts Signed

Thirty contracts were signed last week at $4 million and above. The 30 benchmark is significant. To put it in perspective, the Manhattan luxury real estate market registered 30-plus signed contracts in only 6 weeks in 2016. For you stats geeks, fewer than 20 contracts were signed in 20 weeks this year. One more stat: So far, there are 18% fewer contracts signed this year over the same period last year at $4 million and above.

The No.1 contract was 12 East 73rd Street, asking $42.5 million. This 22.5-foot-wide limestone townhouse has 10,410 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, an elevator, and 9 fireplaces. The house is being sold by real estate investor Andrew Farkas, who purchased the home for $23 million in 2007 and then renovated it.

For the second week in a row, the No. 2 contract was at 30 Park Place. This time it was PH80, asking $32,058,600. It was purchased by the building’s developer, Larry Silverstein. The unit has 6,204 square feet including 6 bedrooms, 7.5 bathrooms, and 2 terraces that total 732 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.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$7,747,500
2
Condos 6 4 5 9 Avg.Ask:
$9,492,400

Avg.$/sq.ft.:
$3,302/sq.ft.

Avg.Size:
2,875 sq.ft.
24
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 3 0 0 1 Avg.Ask:
$16,272,500

Avg.$/sq.ft.:
$2,688/sq.ft..

Avg.Size:
6,053 sq.ft.
4
TOTALS 10 5 5 10 30
Total Weekly Asking Price Sales Volume: $308,402,590
Average Asking Price: $10,280,086
Median Asking Price: $6,942,500
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 449
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 26 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 26 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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