LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 12-18, 2016

18 Contracts Signed

After two straight weeks of 30 or more contracts signed at $4 million and above, a robust stretch in an otherwise mediocre 2016 market…..well, our brief Santa Claus rally has come to an end as only 18 contracts were signed last week.

The No.1 contract was PH37 at 50 United Nations Plaza, asking $24.25 million for 5,893 square feet including 5 bedrooms, 6.5 bathrooms, and 2 staff rooms. This full-floor unit has a breathtaking 73-foot expanse of living room, dining room, and library overlooking the East River. It features 11-foot ceilings and sweeping city views in the other rooms as well. The apartment is in a new 88-unit condo designed by Foster+Partners, home of Sir Norman Foster, the Pritzker Prize-winning architect. Amenities include a 75-foot swimming pool, fitness center, children’s playroom, conference facilities, a motor court, garage, and valet parking.

The No. 2 contract was the 9th floor at 4 East 72nd Street, asking $17.5 million, reduced from $25 million when it went on the market in April 2015. This 14-room prewar co-op has 6 bedrooms, 5.5 bathrooms, and 5 fireplaces. The living room, dining room, and breakfast room faces north onto 72nd Street. The apartment is in need of a renovation.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$9,365,000
3
Condos 0 1 6 5 Avg.Ask:
$8,310,000

Avg.$/sq.ft.:
$3,420/sq.ft.

Avg.Size:
2,430 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 0 0 Avg.Ask:
$12,070,000

Avg.$/sq.ft.:
$1,766/sq.ft..

Avg.Size:
6,833 sq.ft.
3
TOTALS 5 2 6 5 18
Total Weekly Asking Price Sales Volume: $164,025,000
Average Asking Price: $9,112,500
Median Asking Price: $6,375,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 321
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 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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