Manhattan Market Report | Q4 2015

400 East 59th Street, Trophy Penthouse | $16,000,000 | WEB: 0138132

New York City Market Update Fourth Quarter 2015 MANHATTAN BROKERAGES East Side | 38 East 61st Street | t: 212.606.7660 Downtown | 149 Fifth Avenue, 4th Floor | t: 212.431.2440 West Side | 2244 Broadway | t: 212.579.9300

sothebyshomes.com/nyc

MANHATTAN MARKET | OVERVIEW CONDOS & CO-OPS OVERVIEW Fourth Quarter 2015 market sales prices were forced upward to record high market measures, influenced by a large increase of new construction closings. Condo closings accounted for 51% of total sales. More significantly, a greater share of those sales occurred in new construction projects. With 3,183 closed sales in the fourth quarter of 2015 (3% fewer than prior year), the overall average sales price was $2,014,000 showing an 11% increase over prior year. The overall median sales price also had a significant year-over-year increase of 17% to $1,150,000. In the analysis presented by three distinct price tiers – under $3M; $3M to $10M; and over $10M – the rising market price trend is most evident in the two lower tiers. For all properties sold under $3M, the average sales price was up 6% and the median sales price was higher by 9%. There were 2,660 closed sales under $3M in this quarter, accounting for 84% of the total market sales, however the quarter saw 7% fewer closed sales in this price tier as compared to the same quarter in 2014. In the next price tier, $3M to $10M, the average sales price showed an increase of 8% and a median sales price increase of 12%. There were 34% more sales this quarter over the prior year and units sold in this price tier accounted for approximately 15% of total sales. The top price tier (properties over $10M) is where we encountered a decrease in average sales price. With fewer record setting sale prices in the top tier of the market, the average sales price for unit sold over $10M dipped 19% while the median sales price increased marginally by 6%.

MANHATTAN OVERVIEW Number of Closed Sales

UNDER $3M Q4 : 15 2,660

$3M TO $10M

Q4 : 14 % Change Q4 : 15 2,874

-7%

OVER $10M

Q4 : 14 % Change

470

351

34%

Q4 : 15

Q4 : 14

53

50

TOTAL % Change Q4 : 15 6%

Q4 : 14 % Change

3,183

3,275

-3%

Average Days on Market

77

85

-9%

Listing Discount

6%

7%

-14%

Average Sales Price

$1,131,000

$1,071,000

6%

$5,021,000

$4,638,000

8%

$19,546,000

$24,035,000

-19%

Median Sales Price

$923,000

$850,000

9%

$4,500,000

$4,015,000

12%

$17,200,000

$16,281,000

6%

Listing Inventory

Further detail on page 3

Months of Supply

$2,014,000 $1,812,000

11%

$1,150,000

$980,000

17%

4,925

4,721

4%

4.2

4.0

3%

AVERAGE and MEDIAN SALES PRICE $2,500,000

The average sales price of all recorded Manhattan sales in the fourth quarter of 2015 was $2,014,000 which is 11% higher than prior year and 16% over prior quarter. The median sales price gained 17% from prior year and 15% from prior quarter. Both the average sales price and the median sales price are record high measures for overall Manhattan prices.

$2,000,000 $1,500,000 $1,000,000 $500,000 $0

Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15

NUMBER OF CLOSED SALES and INVENTORY

Average Sales Price

6000

Median Sales Price

5000

The 3,183 closed sales this quarter represented just 3% lower than prior year but 10% lower than the quarter before. Total inventory remains far below normalized supply levels of 8,000-9,000+/- listings.

This inventory measure has been well under 6,000 units for 8 straight quarters.

4000 3000 2000 1000 0

Q1:14

Q2:14

Q3:14

Q4:14

Q1:15

# of Closed Sales

Q2:15

Q3:15

Q4:15

Inventory

Sotheby’s International Realty Manhattan Brokerages

MANHATTAN MARKET | ABSORPTION RATE CONDOS & CO-OPS

(based on 6 months of closed sales 06.01.2015 - 11.30.2015)

The overall Manhattan absorption rate stands at 4.2 months. However, properties valued $6M or more have seen much higher absorption rates with inventory shortage existing only in the lower price tiers. The lower price segments have been experiencing consistent shortages of inventory with units under $1M at 2.3 months supply and units between $1M and $2M at 4.3 months supply.

The top three price tiers have absorption rates signifying that buyers would have a clear advantage, particularly at the $20M+ price segment where there is nearly a three year supply of inventory at the current pace of sales. Top market price tiers remain where buyers have the most choice which has led to price reductions and concessions at new developments. The historic range of equilibrium for the market area is 9+/- months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6 month period.

Less than $1M $1M - $2M

$2M - $4M

$4M - $6M

$6M - $10M $10M - $20M

$20M+

TOTAL

Active Listing Inventory

1,467

1,132

1,019

460

405

295

147

4,925

Average Closed Sales / Month

636

266

171

50

30

13

4

1,010

Months of Supply per Price Category

2.3

4.3

6

9.2

13.5

22.7

36.8

4.2

NUMBER OF ACTIVE LISTINGS 6%

ABSORPTION RATE 40

3%

35

8%

30

30%

Less than $1M $1M - 2M $2M - $4M $4M - $6M $6M - $10M $10M - $20M $20M+

9%

25 20 15 10 5

21%

0

23%

Less than $1M

$1M - 2M $2M - $4M $4M - $6M Absorption

$6M $10M

$10M $20M

$20M+

Historical Equilibirum

AVERAGE DAYS ON MARKET & LISTING DISCOUNT Q1 : 14

Q2 : 14

Q3 : 14

Q4 : 14

Q1 : 15

Q2 : 15

Q3 : 15

Q4 : 15

Average Days on Market

86

83

74

85

83

84

73

77

Listing Discount

6%

3%

6%

7%

6%

4%

4%

6%

90

8% 7%

85

6% 5%

80

4% 75

3% 2%

70

1%

65

0% Q1:14

Q2:14

Q3:14

Q4:14

Average Days on Market

Q1:15

Q2:15 Listing Discount

Q3:15

Q4:15

AVERAGE DAYS ON MARKET The total number of days a listing is on the active market before an offer is accepted. It is calculated by totaling the total days on market for every closed sale, and dividing the total days by the total number of closed sales.

LISTING DISCOUNT The percent change between the original asking (listing) price of a home, and the final sales price of the home. It is calculated by subtracting the sales price from the original listing price, and dividing the result by the original listing price.

sothebyshomes.com/nyc

THE ULTRA LUXURY MARKET CO-OPS, CONDOS & TOWNHOUSES OVER $10M Over the fourth quarter of 2015 there were 62 ultra-luxury sales, 10% fewer sales than prior quarter and prior year. The average sales price in this market sector posted a slight gain of 5% over prior quarter but showed a decline of 18% over the prior year’s average of $23,927,000. The highest sale price this quarter was $45,000,000 for a penthouse duplex unit at 15 Central Park West.

Q1 : 14

Q2 : 14

Q3 : 14

Q4 : 14

Q1 : 15

Q2 : 15

Q3 : 15

Q4 : 15

62

74

75

69

75

49

69

62

Average Sales Price

$16,638,000

$16,931,000

$17,912,000

$23,927,000

$22,138,000

$19,367,000

$18,733,000

$19,600,000

Highest Sales Price

$51,000,000

$70,000,000

$71,300,000

$100,500,000

$91,500,000

$47,800,000

$37,940,000

$45,000,000

Number of Closed Sales

NUMBER OF CLOSED SALES and AVERAGE SALES PRICE $30,000,000

80 70

$25,000,000

60 $20,000,000

50

$15,000,000

40 30

$10,000,000

20 $5,000,000

10

$0

0

Q1:14

Q2:14

Q3:14

Q4:14

# of Closed Sales

Q1:15

Q2:15

Q3:15

Q4:15

Average Sales Price

SOTHEBY’S INTERNATIONAL REALTY - MANHATTAN SIGNIFICANT SALES

41 East 70th Street

22 East 78th Street

101 West 24th Street - Chelsea Stratus

Last Asking: $35,000,000

Last Asking: $12,500,000

Last Asking: $7,500,000

Serena Boardman | 212.606.7611

Nikki Field | 212.606.7669

Malcolm Beadling | 212.810.4995

*Due to client confidentiality the final sales price cannot be disclosed.

Sotheby’s International Realty Manhattan Brokerages

MANHATTAN MARKET | CO-OPS & CONDOS CO-OPS In the fourth quarter of 2015, average co-op sales prices posted a 13% gain to $1,315,000 and the median sales price rose 6% to $750,000. The under $3M price bracket charted gains of 2% in average sales price and 4% in median sales price. For co-op units in the price tier ranging from $3M to $10M, the average sales price measure posted a 10% gain while the median sales price was 14% higher than prior year. Within the top tier co-op price bracket, over $10M, there were 10 closed sales posting an average sales price of $20,336,000 and a median sales price of $18,000,000.

UNDER $3M

CO-OPS

Q4 : 15

Number of Closed Sales

1,454

$3M TO $10M

1,689

OVER $10M

TOTAL

Q4 : 15

Q4 : 14

% Change

Q4 : 15

Q4 : 14

-14%

108

107

1%

10

9

11%

Q4 : 14 % Change

% Change Q4 : 15 1,571

Q4 : 14

% Change

1,805

-13%

Average Sales Price

$894,000 $880,000

2%

$5,061,000

$4,616,000

10%

$20,336,000

$13,837,000

47%

$1,315,000 $1,160,000

13%

Median Sales Price

$700,000 $675,000

4%

$4,515,000

$3,975,000

14%

$18,000,000

$13,400,000

34%

$750,000

6%

NUMBER OF CLOSED SALES

$ 709,000

AVERAGE and MEDIAN SALES PRICE

2500

$1,600,000 $1,400,000

2000

$1,200,000 $1,000,000

1500

$800,000

1000

$600,000 $400,000

500

$200,000

0 Q1:14

Q2:14

Q3:14

Q4:14 Q1:15 Q2:15 # of Closed Sales

Q3:15

$0

Q4:15

Q1:14

Q2:14 Q3:14 Q4:14 Average Sales Price

Q1:15 Q2:15 Q3:15 Median Sales Price

Q4:15

CONDOS Overall, Manhattan condo sales showed gains with the average sales price rising 4% to $2,686,000; the average price per square foot climbed 6% higher to $1,708; and the median sales price rose 16% to $1,675,000. Within the three distinct price tiers, there is strength in lower prices and falling values on the high-end this quarter. For units over $10M, the average sales price declined 26%; the median sales price decreased 1%; and the average price per square foot fell 28%.

UNDER $3M

CONDOS

Q4 : 15

Number of Closed Sales

1,206

Average Sales Price Average PPSF Median Sales Price

1,185

$1,410,000 $1,334,000

$1,466

$3M TO $10M

Q4 : 14 % Change Q4 : 15

$1,375

$1,320,000 $1,200,000

2% 6% 7% 10%

362

Q4 : 14

Q4 : 15

244

48%

$4,997,000 $4,640,000

$2,279

OVER $10M

% Change

$2,243

$4,418,000 $4,073,000

Q4 : 14

Q4 : 15

43

41

5%

1,611

1,470

10%

8%

$19,524,000

$26,273,000

-26%

$2,686,000

$2,578,000

4%

2%

$3,738

$5,184

-28%

$1,708

$1,618

6%

8%

$17,325,000

$17,500,000

-1%

$1,675,000

$1,450,000

16%

NUMBER OF CLOSED SALES

1800

TOTAL % Change

Q4 : 14 % Change

AVERAGE and MEDIAN SALES PRICE $3,000,000

1600 $2,500,000

1400 1200

$2,000,000

1000

$1,500,000

800 600

$1,000,000

400

$500,000

200 0

$0

Q1:14

Q2:14

Q3:14

Q4:14

Q1:15

# of Closed Sales

Q2:15

Q3:15

Q4:15

Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Average Sales Price Median Sales Price

sothebyshomes.com/nyc

NEIGHBORHOOD BREAKDOWN UPPER EAST SIDE north of 58th Street and south of 96th Street, Fifth Avenue to East End Avenue Upper East Side co-ops experienced a wide swing of changes as compared to the previous year with a 13% drop in closed sales, a 17% increase in average sales price, and a 1% decrease in median sales price. The average and median condo sales prices fell 7% and 11% respectively. With fewer new construction condo sales as compared to the previous year, condo prices were lower than prior record highs.

CO-OPS

CONDOS

Q4 : 15

Q4 : 14

% Change

437

501

-13%

# Closed Sales

Average Sales Price

$1,786,000

$1,529,000

17%

Median Sales Price

$842,000

$850,000

-1%

# Closed Sales

Q4 : 15

Q4 : 14

% Change

258

199

30%

Average Sales Price

$2,307,000

$2,484,000

-7%

Median Sales Price

$1,484,000

$1,660,000

-11%

UPPER WEST SIDE north of 58th Street and south of 110th Street, Central Park West to Riverside Drive The total number of closed co-op sales on the Upper West Side in the fourth quarter of 2015 was 314, representing a decrease of 16% from prior year. Co-ops in this market area posted an average sales price of $1,375,000, a 7% gain over the last quarter of 2014. A major increase in condo closings, up 55% over prior year, also contributed to a significant spike in the average condo sales price. At an average sales price of $2,759,000, the condo measure was higher by 44%. This average and median condo market measures were influenced by over 100 new construction closings, particularly at 50 Riverside Drive and the closing of two units at 15 Central Park West for $35,000,000 and $45,000,000.

CO-OPS

Q4 : 15

Q4 : 14

% Change

314

376

-16%

Average Sales Price

$1,375,000

$1,285,000

7%

Median Sales Price

$855,000

$822,000

4%

# Closed Sales

CONDOS

Q4 : 15

Q4 : 14

% Change

333

215

55%

Average Sales Price

$2,759,000

$1,917,000

44%

Median Sales Price

$1,945,000

$1,380,000

41%

# Closed Sales

MIDTOWN north of 34th Street and south of 57th Street The average co-op sales price in this market area increased 3% to $872,000 while the median co-op price slipped 1% to $620,000.

There were far more condo sales closed this quarter with 449 this quarter versus 288 prior year. Despite this increase in number of closed sales, there were far fewer ultra-luxury closings, resulting in a much lower average condo sales price of $2,175,000 as compared to $3,977,000. It should be noted that in the fourth quarter of 2014, the average sales price figure was strongly impacted by significant closings at ONE57. For example, in this quarter there were five closed sales at ONE57 with only one over $25,000,000 as compared to the same quarter last year which saw 15 sales at ONE57 with nearly all priced over $25,000,000.

CO-OPS

CONDOS

Q4 : 15

Q4 : 14

% Change

266

274

-3%

# Closed Sales

Average Sales Price

$872,000

$850,000

3%

Median Sales Price

$620,000

$625,000

-1%

# Closed Sales

Q4 : 15

Q4 : 14

% Change

449

288

56%

Average Sales Price

$2,175,000

$3,977,000

-45%

Median Sales Price

$1,600,000

$1,400,000

14%

UPTOWN north of 96th Street on the East Side and north of 110th Street on the West Side The average sales price of co-op sales was higher by 9%, reaching $520,000. The median co-op sales price posted an increase of 15% to $460,000. Measures were also higher in the condo market with a 7% gain in the average sales price and 14% rise in the median condo sales price.

CO-OPS

CONDOS

Q4 : 15

Q4 : 14

% Change

133

143

-7%

# Closed Sales

Average Sales Price

$520,000

$477,000

9%

Median Sales Price

$460,000

$400,000

15%

# Closed Sales

Sotheby’s International Realty Manhattan Brokerages

Q4 : 15

Q4 : 14

% Change

100

124

-19%

Average Sales Price

$807,000

$754,000

7%

Median Sales Price

$707,000

$620,000

14%

NEIGHBORHOOD BREAKDOWN DOWNTOWN south of 34th Street through Tribeca The 411 closed co-op sales in the fourth quarter of 2015 represented a decline of 18% as compared to prior year. However, co-op price measures were much higher with an 10% gain in the average sales price and an 11% gain in the median sales price. Huge gains were evident in the condo sales price with a 52% increase in the average sales price of a condo; and a 56% increase in the median condo sales price. Projects like The Greenwich Lane and 150 Charles Street, among others, had a significant number of closings this past quarter (note: many of these deals were procured 12-18 months ago). In the Downtown market, there were far fewer high-end, luxury condo units sold in the fourth quarter of 2014 than this quarter, resulting in the large sales price gains.

CO-OPS

CONDOS

Q4 : 15

Q4 : 14

% Change

411

501

-18%

# Closed Sales

Average Sales Price

$1,279,000

$1,165,000

10%

Median Sales Price

$827,000

$745,000

11%

# Closed Sales

Q4 : 15

Q4 : 14

% Change

325

504

-36%

Average Sales Price

$4,395,000

$2,900,000

52%

Median Sales Price

$3,100,000

$1,988,000

56%

FINANCIAL DISTRICT | BATTERY PARK CITY There were 145 condo units closed in the fourth quarter of 2015, a 3% improvement over prior year. This market area also had a substantially higher average condo sales price due to a higher percentage of new construction closings. The average sales price of $1,814,000 was a 39% increase while the median sales price remain largely unchanged at just over $1,500,000.

CO-OPS

CONDOS

Q4 : 15

Q4 : 14

% Change

10

10

0%

# Closed Sales

Average Sales Price

$971,000

$768,000

26%

Median Sales Price

$916,000

$725,000

26%

# Closed Sales

Q4 : 15

Q4 : 14

% Change

145

140

3%

Average Sales Price

$1,814,000

$1,305,000

39%

Median Sales Price

$1,514,000

$1,505,000

1%

AVERAGE SALES PRICE

TOTAL NUMBER OF SALES 1400

14001400

1400$3,000,000 1400

1200

12001200

1200 1200 $2,500,000

1000

10001000

1000 1000 $2,000,000

800

800 800

600

600 600

800 $1,500,000 600

400

400 400

$1,000,000 400

200

200 200

200

0

0

Q3:13

0

0

$500,000 $0

Q1:14 Q2:14 Q3:14 Q4:14 Q1:15Q3:14 Q2:15Q4:14 Q3:15Q1:15 Q4:15Q2:15 Q3:13 Q4:13 Q3:13 Q1:14 Q4:13 Q2:14 Q1:14 Q3:14 Q2:14 Q4:14 Q1:15 Q2:15

East Side Upper East Upper Side Upper East Side Midtown Midtown Midtown Downtown Downtown Downtown

800 600 400 200 0

Q1:14Q3:13 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 Q2:15 Q4:13 Q1:14Q4:13 Q2:14Q1:14 Q3:14Q2:14 Q4:14Q3:14 Q1:15Q4:14 Q2:15Q1:15

West West Side Side Upper East Side Upper East Side Upper East Side Upper WestUpper SideUpper Midtown Midtown Midtown Uptown Uptown Uptown Financial District / Battery Park City Downtown Downtown Financial District Financial / Battery District Park City / Battery Park City Downtown

Upper Upper West Side UpperWest WestSide Side Uptown Uptown Uptown Financial Financial / /Battery District Park / Battery Park City FinancialDistrict District Battery ParkCity City

sothebyshomes.com/nyc

MARKET COMPARISONS Comparing the fourth quarter of 2014 and the fourth quarter of 2015, all three markets showed an increase in price per sq. ft. with San Francisco seeing the largest increase at 11.6%, Los Angeles at 7.4% and New York City at 5.6%. Comparing this quarter and last quarter New York City and Los Angeles price per sq. ft. increased 7.4% and 5.4% respectively, while San Francisco showed a small decline of 3.1%

AVERAGE PRICE PER SQ. FT. | CONDOS ONLY $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Q1:14

Q2:14

Q3:14

Q4:14

New York City

Q1:15 San Francisco

Q2:15

Q3:15

Q4:15

Los Angeles

SOTHEBY’S INTERNATIONAL REALTY - ON THE MARKET, AROUND THE WORLD

ST. BARTHELEMY | $24,500,000

LONDON, ENGLAND | $6,620,568

WEB: F7DXN6

WEB: LPDK7X

WEB: DCBPNB

St Barth Properties Sotheby’s International Realty

United Kingdom Sotheby’s International Realty

Paris Ouest Sotheby’s International Realty

Sotheby’s International Realty Manhattan Brokerages

PARIS, FRANCE | $6,061,262

FEATURED LISTINGS

171 WEST 57TH STREET, PH | $21,000,000

211 EAST 62ND STREET | $16,000,000

737 PARK AVENUE, APT 20C | $14,750,000

4 BR / 5.5 BA | WEB: 00110392

Approx. 5,393 sq. ft. | WEB: 1340015

3 BR / 5 BA | WEB: 00110452

Serena Boardman | 212.606.7611

Lauren Kende | 212.606.7630

Juliette R. Janssens | 212.606.7670

Leslie Bott | 212.400.8706

Allison B. Koffman | 212.606.7688 Jacqueline Rohrbach | 212.606.7646

40 EAST 72ND STREET | $12,300,000

55 WEST 88TH STREET | $8,995,000

250 WEST STREET, APT 9G | $4,849,000

3 BR / 3.5 BA | WEB: 00110277

WEB: 1340079

3 BR / 3.5 BA | WEB: 0137856

Patricia A. Wheatley | 212.606.7613

Michael Sieger | 212.579.9300

Alan Heyman | 212.810.4991

Nikki Field | 212.606.7669

Karen Heyman | 212.810.4990

Nicole Kotovos | 212.606.7629

425 WEST 50TH STREET, 16C | $4,350,000

288 WEST 12TH STREET, 3FR | $3,000,000

497 GREENWICH STREET, 2C | $2,989,000

2 BR / 2.5 BA | WEB: 00110324

2 BR / 1.5 BA | WEB: 0138264

2 BR / 2 BA | WEB: 0138238

Chris Poore | 212.606.7676

Donald Cantasano | 212.810.4978

Tom Doyle | 212.431.2474

Eyal Dagan | 212.606.7712

Robert Meeker | 212.579.9300

sothebyshomes.com/nyc

END NOTES A MESSAGE FROM OUR MANAGERS: The New York City residential real estate market had a strong fourth quarter and a strong full year in 2015. According to the Vanderbilt Appraisal Company, the average sales price increased a remarkable 11% over last year and the overall median sales price was up an extraordinary 17%. These price increases were driven by low inventory at the lower price points resulting in exciting bidding wars. If you are interested in buying a studio or one bedroom, be prepared to act swiftly. More people are coming to New York City to experience the city that has it all and fewer are leaving . If you are ready to expand your “nest,” there are many new condominiums filled with the latest amenities from resident spas to basketball courts about to hit the market.

It is also a great time to buy at the high-end and ultra-luxury (properties over $10M) price points, as we have seen a slight softening with more units and longer days on the market. Within the ultra-luxury market, the fourth quarter of 2015 had 10% fewer sales and prices were statistically lower as compared to the end of 2014 which included record closings at One57. Join us and experience the exceptional residences on the market that await your personal touch: sothebyshomes.com/nyc. We look forward to an active first quarter of 2016.

EAST SIDE MANHATTAN Ellie Johnson Brokerage Manager t: 212.606.7660 38 East 61st Street New York, New York 10065

DOWNTOWN MANHATTAN Diane Levine Brokerage Manager t: 212.431.2440 149 Fifth Avenue, 4th Floor New York, New York 10010

WEST SIDE MANHATTAN Diane Levine Brokerage Manager t: 212.579.9300 2244 Broadway New York, New York 10024

ONE57, 157 WEST 57TH STREET | $27,500,000 | WEB: 00110491 Nikki Field, 212.606.7669 © MMXVI Sotheby’s International Realty, Inc. All Rights Reserved. All information in this report is provided by Vanderbilt Appraisal Company and other third party reports. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated in an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. This offering is subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.

Sotheby’s International Realty Manhattan Brokerages

ON THE MARKET

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METROPOLITAN MARKETS NEW YORK, NY | Web: 00110466 | $5,200,000 SAN FRANCISCO, CA | Web: 0087635 | $5,500,000 HOUSTON, TX | Web: 1250301 | $5,499,000 RESORT MARKETS PEBBLE BEACH, CA | Web: 0474307 | $5,895,000 PALM BEACH, FL | Web: 0076834 | $5,995,000 MONTECITO, CA | Web: 0632357 | $5,495,000 FOREIGN MARKETS SPAIN | Web: NF2L59 | $5,584,178 FRANCE | Web: 5Q5HYV | $5,431,240 ISRAEL | Web: 9ZWTEE | $5,657,127 sothebysrealty.com

AUCTION CALENDAR FEB | MAR | APR | MAY 2016

Paul Gauguin | Nature morte aux mangos et à la fleur d’hibiscus Estimate £2-3m

RM Sotheby’s: Paris Paris 03 Feb

Watches London 08 Mar

Impressionist & Modern Art Evening Sale London 03 Feb

Important Ceramics by Pablo Picasso London 05 Ap

Contemporary Art Evening Auction London 10 Feb

20th Century Art / Middle East London 18 Apr

Finest & Rarest Wines New York 27 Feb

Orfèvrerie, Boîtes en Or et Objets de Vitrine Paris 04 May

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