LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
December 26, 2016-January 1, 2017

15 Contracts Signed

The Manhattan luxury real estate market ended the year not with a bang—but not with a whimper either. Fifteen contracts were signed last week at $4 million and above, a decent total for a Christmas-New Year’s week.

The No.1 contract was 18B at 1049 Fifth Avenue, asking $12.5 million. This 3-bedroom, 3.5-bathroom condo has 2,925 square feet, and was sold with a separate guest room/office. The living room measures 15’ x 29’ and faces Central Park. The unit last traded in 2012 for $10 million.

The No. 2 contract was 15B at 212 Fifth Avenue, asking $9.1 million. The corner unit has 3,078 square feet including 3 bedrooms and 3.5 bathrooms, and features a 29’ x 21’ great room with 10.5-foot ceilings. The living room and master have views of Madison Square Park. 212 Fifth Avenue is a prewar office building that is being converted to a 48-unit condo. Amenities include a doorman, concierge, fitness center, children’s playroom, storage, and valet parking.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 0 Avg.Ask:
$6,589,750
4
Condos 2 2 2 4 Avg.Ask:
$7,096,598

Avg.$/sq.ft.:
$2,849/sq.ft.

Avg.Size:
2,491 sq.ft.
10
Condops * 1 0 0 0 Avg.Ask:
$4,200,000

Avg.$/sq.ft.:
$1,398/sq.ft.

Avg.Size:
3,005 sq.ft.
1
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 5 4 2 4 15
Total Weekly Asking Price Sales Volume: $100,924,975
Average Asking Price: $6,728,332
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 381
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

© 2017
Donna Olshan and Olshan Realty
All Rights Reserved











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