New York

15 contracts signed at $4 million and more last week: Olshan

Total volume of luxury sales dropped year-over-year

<em>From left: Rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/The-212-Fifth-Avenue-New-York-NY-10010/1008270044-0" target="_blank" data-address="The%20212%20Fifth%20Avenue%2C%20New%20York" data-label="The%20212%20Fifth%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2FThe-212-Fifth-Avenue-New-York-NY-10010%2F1008270044-0" data-bbl="1008270044" data-blockValue="00827" data-lotValue="0044" data-zipcode="10010" data-bldgArea="177%2C880" data-bldgDepth="155.58" data-bldgFront="56.42" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="8%2C180" data-lotFront="56.42" data-lotDepth="155.58" data-retailArea="4%2C336" data-resArea="173%2C544" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D9" data-primaryZoning="C5-2" data-commercialOverlay="" data-far="10" data-buildable="81%2C800" data-airRights="-96%2C115" data-propertyNeighborhood="NoMad" data-latitude="40.7434750969988" data-longitude="-73.9886844582288" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2FThe-212-Fifth-Avenue-New-York-NY-10010%5C%2F1008270044-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2FThe-212-Fifth-Avenue-New-York-NY-10010%5C%2F1008270044-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">The 212 Fifth Avenue</a> and 18B at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/1049-5-Avenue-New-York-NY-10028/1014977501-0" target="_blank" data-address="1049%205%20Avenue%2C%20New%20York" data-label="1049%20Fifth%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F1049-5-Avenue-New-York-NY-10028%2F1014977501-0" data-bbl="1014977501" data-blockValue="01497" data-lotValue="7501" data-zipcode="10028" data-bldgArea="136%2C440" data-bldgDepth="102" data-bldgFront="100" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="10%2C216" data-lotFront="100" data-lotDepth="102.17" data-retailArea="0" data-resArea="116%2C370" data-officeArea="19%2C045" data-garageArea="0" data-strgeArea="1%2C025" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="R10" data-commercialOverlay="" data-far="10" data-buildable="102%2C160" data-airRights="-34%2C325" data-propertyNeighborhood="Upper%20East%20Side" data-latitude="40.7810360637731" data-longitude="-73.9599639085122" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1049-5-Avenue-New-York-NY-10028%5C%2F1014977501-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1049-5-Avenue-New-York-NY-10028%5C%2F1014977501-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">1049 Fifth Avenue</a></em>

From left: Rendering of The 212 Fifth Avenue and 18B at 1049 Fifth Avenue

The end of 2016 saw a fair number of contracts signed at $4 million or more — but don’t break out the champagne just yet.

From Dec. 26 to Jan. 1, 15 contracts were signed at this price level, with total asking prices totaling $100.9 million, according to the weekly market report by Olshan Realty [TRDataCustom]. Olshan noted that while 2016 didn’t “end with a bang,” 15 contracts for the Christmas-New Years week was a “decent total.” Last year, only six contracts were signed during the final week of the year.

Still, as previous reports have noted, 2016 has proven a pretty “mediocre” year for luxury real estate in Manhattan. Sales volume on luxury contracts dropped 16.7 percent year-over- year, falling from $10.74 billion worth of properties that went under contract in 2015 to $8.94 billion in 2016, according to a separate year-end report by Olshan.

The biggest contract signed last week was for 18B at 1049 Fifth Avenue, which had an asking price of $12.5 million, according to Olshan. The three-bedroom Upper East Side condo spans just under 3,000 square feet and overlooks Central Park. The second-highest contract was a three-bedroom condo at 212 Fifth Avenue, an office-building-turned-condo converted by Madison Equities and Thor Equities. The unit, 15B, had an asking price of $9.1 million. [Olshan] Kathryn Brenzel 

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New York

15 contracts signed at $4 million and more last week: Olshan

Total volume of luxury sales dropped year-over-year

<em>From left: Rendering of <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/The-212-Fifth-Avenue-New-York-NY-10010/1008270044-0" target="_blank" data-address="The%20212%20Fifth%20Avenue%2C%20New%20York" data-label="The%20212%20Fifth%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2FThe-212-Fifth-Avenue-New-York-NY-10010%2F1008270044-0" data-bbl="1008270044" data-blockValue="00827" data-lotValue="0044" data-zipcode="10010" data-bldgArea="177%2C880" data-bldgDepth="155.58" data-bldgFront="56.42" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="8%2C180" data-lotFront="56.42" data-lotDepth="155.58" data-retailArea="4%2C336" data-resArea="173%2C544" data-officeArea="0" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D9" data-primaryZoning="C5-2" data-commercialOverlay="" data-far="10" data-buildable="81%2C800" data-airRights="-96%2C115" data-propertyNeighborhood="NoMad" data-latitude="40.7434750969988" data-longitude="-73.9886844582288" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2FThe-212-Fifth-Avenue-New-York-NY-10010%5C%2F1008270044-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2FThe-212-Fifth-Avenue-New-York-NY-10010%5C%2F1008270044-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">The 212 Fifth Avenue</a> and 18B at <a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/1049-5-Avenue-New-York-NY-10028/1014977501-0" target="_blank" data-address="1049%205%20Avenue%2C%20New%20York" data-label="1049%20Fifth%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F1049-5-Avenue-New-York-NY-10028%2F1014977501-0" data-bbl="1014977501" data-blockValue="01497" data-lotValue="7501" data-zipcode="10028" data-bldgArea="136%2C440" data-bldgDepth="102" data-bldgFront="100" data-landUse="Mixed%20resi%20%26%20comm%20buildings" data-lotArea="10%2C216" data-lotFront="100" data-lotDepth="102.17" data-retailArea="0" data-resArea="116%2C370" data-officeArea="19%2C045" data-garageArea="0" data-strgeArea="1%2C025" data-factryArea="0" data-otherArea="0" data-bldgClass="R0" data-primaryZoning="R10" data-commercialOverlay="" data-far="10" data-buildable="102%2C160" data-airRights="-34%2C325" data-propertyNeighborhood="Upper%20East%20Side" data-latitude="40.7810360637731" data-longitude="-73.9599639085122" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1049-5-Avenue-New-York-NY-10028%5C%2F1014977501-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F1049-5-Avenue-New-York-NY-10028%5C%2F1014977501-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener">1049 Fifth Avenue</a></em>

From left: Rendering of The 212 Fifth Avenue and 18B at 1049 Fifth Avenue

The end of 2016 saw a fair number of contracts signed at $4 million or more — but don’t break out the champagne just yet.

From Dec. 26 to Jan. 1, 15 contracts were signed at this price level, with total asking prices totaling $100.9 million, according to the weekly market report by Olshan Realty [TRDataCustom]. Olshan noted that while 2016 didn’t “end with a bang,” 15 contracts for the Christmas-New Years week was a “decent total.” Last year, only six contracts were signed during the final week of the year.

Still, as previous reports have noted, 2016 has proven a pretty “mediocre” year for luxury real estate in Manhattan. Sales volume on luxury contracts dropped 16.7 percent year-over- year, falling from $10.74 billion worth of properties that went under contract in 2015 to $8.94 billion in 2016, according to a separate year-end report by Olshan.

The biggest contract signed last week was for 18B at 1049 Fifth Avenue, which had an asking price of $12.5 million, according to Olshan. The three-bedroom Upper East Side condo spans just under 3,000 square feet and overlooks Central Park. The second-highest contract was a three-bedroom condo at 212 Fifth Avenue, an office-building-turned-condo converted by Madison Equities and Thor Equities. The unit, 15B, had an asking price of $9.1 million. [Olshan] Kathryn Brenzel 

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