LUXURY MARKET REPORT 2016


Report on Contracts Signed
NYC Residential Properties
$4 Million and Above
February 6-12, 2012

16 Contracts Signed

This week marks a big change for The Olshan Luxury Report. We launched a new website design that allows Olshan.com and The Luxury Report to be translated into 52 different languages. The audience has been building, and our intent is to make The Luxury Report as accessible as possible. Individual reports or a free subscription can now be forwarded to colleagues and friends in every corner of the globe.

There were 16 contracts signed last week on properties at $4 million and above, a truly strong performance that included 4 properties above $10 million and 2 above $20 million. The No.1 sale was 68A at 25 Columbus Circle, asking $27,500,000, which actually closed last week after starting on the market in April. There is a lag time in NYC recording deeds so we are not sure of the exact price. This Time Warner Center condo with Central Park and Hudson River views has 5 bedrooms, 5.5 bathrooms, and 3,910 square feet.

The No. 1 contract signed on a townhouse was 16 West 12th Street, asking $21 million. The 25-foot wide house with an elevator was purchased in January 2010 for $15,350,000 by Ara Hovnanian, Chairman and CEO of the national homebuilder K. Hovnanian Homes. It has 8100 square feet and is in excellent condition. It was re-listed in September.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 1 4 Avg.Ask:
8
Condos 0 2 1 3 Avg.Ask:
$3,453/sqft.

Avg.$/sq.ft.:
2,730q. .ft.

Avg.Size:
6
Condops * 0 0 0 0


0
Townhouses 0 0 0 2 Avg.Ask:
$2,046/.ft.

Avg.$/sq.ft.:
6,500 sq.ft..

Avg.Size:
2
TOTALS 3 2 2 9 16
Total Weekly Asking Price Sales Volume: $140,475,000
Average Asking Price: $8,779,688
Median Asking Price: $5,362,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 349
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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