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New York City Market UpdateThird Quarter 2015
MANHATTAN BROKERAGES
East Side | 38 East 61st Street | t: 212.606.7660
Downtown | 149 Fifth Avenue, 4th Floor | t: 212.431.2440
Cover Property: 1001 PARK AVENUE | $3,295,000 | WEB: 00110372
sothebyshomes.com/nyc
Sotheby’s International Realty Manhattan Brokerages
MANHATTAN MARKET | OVERVIEW
MANHATTAN OVERVIEW
UNDER $3M $3M TO $10M OVER $10M TOTAL
Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change
Number of Closed Sales 3,066 3,447 -11% 424 380 11% 45 54 -16% 3,534 3,881 -9%
Average Days on Market 73 74 -1%
Listing Discount 4% 6% -33%
Average Sales Price $1,097,000 $1,028,000 7% $4,914,000 $4,845,000 1% $16,048,000 $17,935,000 -11% $1,736,000 $1,667,000 4%
Median Sales Price $880,000 $800,000 10% $4,400,000 $4,300,000 2% $13,000,000 $15,400,000 -16% $999,000 $911,000 10%
Listing Inventory 5,303 5,334 -1%
Months of Supply 4.4 4.2 5%
CONDOS & CO-OPS The third quarter 2015 market prices were once again propelled by a steady level of demand from the buyer population paired with fewer available units. With 3,534 closed sales this past quarter (9% fewer than prior year), the overall average sales price increased 4% over prior year to $1,736,000. In the analysis presented by three distinct price tiers – under $3M; $3M to $10M; and over $10M – the rising market price trend is evident in the two lower brackets. For all properties sold under $3M, the average sales price was up 7% and the median sales price was higher by 10% with nearly 11% fewer sales in this price segment. Prices under $3M accounted for approximately 87% of total market sales sampled this quarter. The next price tier, $3M to $10M, saw 11% more sales this quarter year-over-year, representing approximately 12% of total sales. The top price tier of units over $10M is where market price weakness is most evident given that this sector of the market has the highest inventory levels. With fewer record setting sale prices in the top 1% of the market, the average sale price for unit sold over $10M dipped 11% while the median sales price fell 16%.
The average sales price of all recorded Manhattan unit sales was $1,736,000 which is 5% lower than
prior quarter but 4% greater than one year ago. The average sales price remains 8% higher than the
lowest measure of the past eight quarterly periods (Q4:2013 average sales price $1,604,000). The
median sales price gained 10% from prior year and at $999,000, is the highest median sales price ever
posted for Manhattan overall prices.
With historically low levels of supply particularly at the low-end, the number of closed sales declined year-over-year by 9%. The 3,534 closed sales this quarter was just 2% lower than prior quarter. Persistently low inventory, except at the very top of the market, remains far below normalized supply levels of 8,000 to 9,000+/- listings. The inventory measure has been well under 6,000 units seven out of eight quarterly periods dating back to the fourth quarter of 2013.
AVERAGE and MEDIAN SALES PRICE
NUMBER OF CLOSED SALES and INVENTORY
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
Average Sales Price Median Sales Price
0
1000
2000
3000
4000
5000
6000
7000
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
# of Closed Sales Inventory
sothebyshomes.com/nyc
MANHATTAN MARKET | ABSORPTION RATE
Less than $1M $1M - $2M $2M - $4M $4M - $6M $6M - $10M $10M - $20M $20M+ TOTAL
Active Listing Inventory 1,627 1,231 1,111 493 428 261 152 5,303
Average Closed Sales / Month 620 309 181 49 37 13 6 1,215
Months of Supply per Price Category 2.6 4 6.1 10.1 11.6 20.1 25.3 4.4
CONDOS & CO-OPSThe overall Manhattan absorption rate stands at 4.4 months which is a rate that signifies a “seller’s market”. 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. The lower price segments have been experiencing unrelenting shortages of inventory with units under $1M at 2.6 months supply and units under $2M at 4 months supply. The top two price tiers have absorption rates signifying nearly two years worth of supply at the current pace of sales and remain the tier where buyers have the most choice and less relative competition. As the top market oversupply continues and becomes exacerbated by the arrival of additional new developments, it may be unsustainable for seller’s to remain rigid in price expectations.
NUMBER OF ACTIVE LISTINGS
AVERAGE DAYS ON MARKET & LISTING DISCOUNT
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 DISCOUNTThe 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.
Q4 : 13 Q1 : 14 Q2 : 14 Q3 : 14 Q4 : 14 Q1 : 15 Q2 : 15 Q3 : 15
Average Days on Market 88 86 83 74 85 83 84 73
Listing Discount 5% 6% 3% 6% 7% 6% 4% 4%
ABSORPTION RATE
31%
23%
21%
9%
8%
5% 3%
Less than $1M$1M - 2M$2M - $4M$4M - $6M$6M - $10M$10M - $20M$20M+
0
5
10
15
20
25
30
Less than$1M
$1M - 2M $2M - $4M $4M - $6M $6M -$10M
$10M -$20M
$20M+
Absorption Historical Equilibirum
0%
1%
2%
3%
4%
5%
6%
7%
8%
0102030405060708090
100
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15Average Days on Market Listing Discount
THE ULTRA LUXURY MARKETCO-OPS, CONDOS & TOWNHOUSES OVER $10MOver the third quarter of 2015 there were 69 ultra-luxury sales, slightly more than prior quarter but less than prior year. The average sales price in this market sector was generally steady posting a slight gain of 5% over prior year and a marginal decline over prior quarter of 3%. The highest posted sale price this quarter was $37,940,000 for a condo unit on 1st Avenue on the Upper East Side.
Q4 : 13 Q1 : 14 Q2 : 14 Q3 : 14 Q4 : 14 Q1 : 15 Q2 : 15 Q3 : 15
Number of Closed Sales 60 62 74 75 69 75 61 69
Average Sales Price $14,140,000 $16,638,000 $16,931,000 $17,912,000 $23,927,000 $22,138,000 $19,367,000 $18,733,000
Highest Sales Price $33,000,000 $51,000,000 $70,000,000 $71,300,000 $100,500,000 $91,500,000 $47,800,000 $37,940,000
*Due to Client confidentiality the final sales price cannot be disclosed.
37 West 70th Street
Last Asking: $17,950,000
22 East 81st Street
Last Asking: $16,000,000
445 Lafayette Street
Last Asking: $14,999,000
NUMBER OF CLOSED SALES and AVERAGE SALES PRICE
SOTHEBY’S INTERNATIONAL REALTY - MANHATTAN SIGNIFICANT SALES
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
0
10
20
30
40
50
60
70
80
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
# of Closed Sales Average Sales Price
Sotheby’s International Realty Manhattan Brokerages
sothebyshomes.com/nyc
MANHATTAN MARKET | CO-OPS & CONDOS CO-OPSThird quarter 2015 co-op prices posted a 10% gain in overall median sales price to $780,000 although the average sales price slipped 2% to end at $1,273,000. By percentages, market increases were strongest in the lower price sector where 93% of the sales transpired. The under $3M price bracket showed gains of 9% in average sales price and 11% in median sales price. For co-op in the price tier ranging from $3M to $10M, the measures showed decreases off of prior record high prices. Within the top tier co-op price bracket, over $10M, fewer record sale prices caused significant declines in the figures with 30% drops in both the average and median sales prices.
CONDOSManhattan overall condo sales showed gains with the average sales price rising 6% to $2,340,000; the average price per square foot reaching 2% higher to $1,591; and the median sales price rising 13% to $1,500,000. Within the three distinct price tiers, the trend this quarter of higher percentages on the low end and falling percentages on the high end continued. The average sales price declined 5%; the median sales price decreased 8%; and the average price per square foot fell 18% for units over $10M.
CO-OPSUNDER $3M $3M TO $10M OVER $10M TOTAL
Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change
Number of Closed Sales 1,822 2,099 -13% 134 130 3% 9 21 -58% 1,965 2,250 -13%
Average Sales Price $950,000 $874,000 9% $4,555,000 $4,809,000 -5% $14,199,000 $20,218,000 -30% $1,273,000 $1,295,000 -2%
Median Sales Price $740,000 $665,000 11% $4,150,000 $4,500,000 -8% $11,053,000 $15,750,000 -30% $780,000 $ 707,000 10%
CONDOSUNDER $3M $3M TO $10M OVER $10M TOTAL
Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change Q3 : 15 Q3 : 14 % Change
Number of Closed Sales 1,244 1,348 -8% 289 250 16% 36 33 10% 1,570 1,631 -4%
Average Sales Price $1,310,000 $1,269,000 3% $5,069,000 $4,864,000 4% $15,922,000 $16,745,000 -5% $2,340,000 $2,288,000 6%
Average PPSF $1,392 $1,329 5% $2,163 $2,315 -7% $3,817 $4,642 -18% $1,591 $1,567 2%
Median Sales Price $1,750,000 $1,100,000 7% $4,533,000 $4,202,000 8% $13,350,000 $14,500,000 -8% $1,500,000 $1,325,000 13%
NUMBER OF CLOSED SALES AVERAGE and MEDIAN SALES PRICE
NUMBER OF CLOSED SALES AVERAGE and MEDIAN SALES PRICE
0
500
1000
1500
2000
2500
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15# of Closed Sales
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15Average Sales Price Median Sales Price
0
200
400
600
800
1000
1200
1400
1600
1800
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15# of Closed Sales
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15Average Sales Price Median Sales Price
NEIGHBORHOOD BREAKDOWNUPPER EAST SIDEnorth of 58th Street and south of 96th Street, Fifth Avenue to East End Avenue The average co-op price of $1,544,000 was a 19% decline from prior year while the median co-op price increased 9% to $925,000. The average and median condo prices fell 14% and 12% respectively. As with co-ops in this market area, there were far less closings in the top 1% driving prices lower than prior record highs.
CO-OPS Q3 : 15 Q3 : 14 % Change
# Closed Sales 551 566 -3%
Average Sales Price $1,544,000 $1,906,000 -19%
Median Sales Price $925,000 $850,000 9%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 204 255 -20%
Average Sales Price $2,624,000 $3,054,000 -14%
Median Sales Price $1,425,00 $1,625,000 -12%
UPPER WEST SIDEnorth of 58th Street and south of 110th Street, Central Park West to Riverside DriveThe total number of co-op sales on the Upper West Side was 364, a decrease of 19% from prior year. Co-ops in this market area posted an average sale price of $1,400,000, a marginally lower price than prior year. The average condo sales price was $2,329,000, representing an 11% drop from prior year. However, the median condo sales price was largely unchanged and ended the quarter at $1,565,000.
CO-OPS Q3 : 15 Q3 : 14 % Change
# Closed Sales 364 447 -19%
Average Sales Price $1,400,000 $1,428,000 -2%
Median Sales Price $865,000 $860,000 1%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 295 281 5%
Average Sales Price $2,329,000 $2,612,000 -11%
Median Sales Price $1,565,000 $1,558,000 0%
MIDTOWNnorth of 34th Street and south of 57th StreetThe average co-op sales price in this market area increased 9% to $935,000 while the median co-op sales price rose to $660,000, a strong 10% increase over prior year. The average and median condo sales prices also posted gains with an 8% increase and 22% increase, respectively. The number of condo closings increased 14% as new development projects continued to meet adequate demand and absorption of available units.
CO-OPS Q3 : 15 Q3 : 14 % Change
# Closed Sales 323 370 -13%
Average Sales Price $935,000 $859,000 9%
Median Sales Price $660,000 $600,000 10%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 341 300 14%
Average Sales Price $2,140,000 $1,976,000 8%
Median Sales Price $1,400,000 $1,150,000 22%
UPTOWN north of 96th Street on the East Side and north of 110th Street on the West SideThe average sales price of co-op sales was higher by 19%, reaching $541,000. The median sales price increase was just as impressive with a 25% rise to $500,000. Market measures were also higher in the condo sector with double digits gains. The average condo sales price reached $762,000, 14% higher than prior year. The median condo price elevated to $622,000, a 13% increase from prior year.
CO-OPS Q3 : 15 Q3 : 14 % Change
# Closed Sales 147 199 -26%
Average Sales Price $541,000 $455,000 19%
Median Sales Price $500,000 $399,000 25%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 144 150 -4%
Average Sales Price $762,000 $666,000 14%
Median Sales Price $622,000 $550,000 13%
Sotheby’s International Realty Manhattan Brokerages
sothebyshomes.com/nyc
NEIGHBORHOOD BREAKDOWN
TOTAL NUMBER OF SALES AVERAGE SALES PRICE
DOWNTOWNsouth of 34th Street through TribecaThe 567 co-op sales in the third quarter of 2015 was a decline of 14% as compared to prior year. However co-op price measures were much higher with a 17% gain in the average sales price and an 8% gain in the median sale price. Huge gains were evident in condo price measures with a 37% increase in the average price of a condo; and a 46% increase in the median condo sale price. There were far more ultra-luxury condo units sold in the current quarter than the third quarter of 2014, resulting in these large gains.
CO-OPS Q3 : 15 Q3 : 14 % Change
# Closed Sales 567 657 -14%
Average Sales Price $1,253,000 $1,072,000 17%
Median Sales Price $785,000 $730,000 8%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 388 492 -21%
Average Sales Price $3,403,000 $2,493,000 37%
Median Sales Price $2,200,000 $1,510,000 46%
FINANCIAL DISTRICT | BATTERY PARK CITYThere were 198 condo units closed in the third quarter of 2015, a 29% improvement over prior year. This market area also had substantially higher average and median sale prices year-over-year. The average sales price of $1,511,000 was a 30% increase while the median sales price ascended 25% to $1,235,000.
CO-OPS 2Q : 15 2Q : 14 % Change
# Closed Sales 12 11 10%
Average Sales Price $1,265,000 $714,000 77%
Median Sales Price $1,225,000 $589,000 108%
CONDOS Q3 : 15 Q3 : 14 % Change
# Closed Sales 198 153 29%
Average Sales Price $1,511,000 $1,161,000 30%
Median Sales Price $1,235,000 $990,000 25%
0
200
400
600
800
1000
1200
1400
Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
0
200
400
600
800
1000
1200
1400
Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
0
200
400
600
800
1000
1200
1400
Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
0
200
400
600
800
1000
1200
1400
Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
0
200
400
600
800
1000
1200
1400
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
Upper East Side Upper West SideMidtown UptownDowntown Financial District / Battery Park City
MARKET COMPARISONS
SOTHEBY’S INTERNATIONAL REALTY - ON THE MARKET, AROUND THE WORLD
Comparing the third quarter of 2014 and the third quarter of 2015, all three markets showed an increase in price per sq. ft. with San Francisco seeing the largest increase at 11%, Los Angeles at 6% and New York City at 2%. However, comparing this quarter and last quarter, both San Francisco and New York City price per sq. ft. decreased 4% and 2% respectively while Los Angeles continued its gain by 4%.
PARIS, FRANCE | $9,382,330
WEB: 3MBWXL
Paris Ouest Sotheby’s International Realty
PUHKET, THAILAND | $16,000,000
WEB: JXVQ23
Hunter Sotheby’s International Realty
PARK CITY, UTAH | $15,995,000
WEB: 6MCHP8
Summit Sotheby’s International Realty
AVERAGE PRICE PER SQ. FT. | CONDOS ONLY
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15
New York City San Francisco Los Angeles
Sotheby’s International Realty Manhattan Brokerages
sothebyshomes.com/nyc
FEATURED LISTINGS
196 SIXTH AVENUE, 1F | $2,250,000
2 BR / 2 BA | WEB: 0138062
Jeremy V. Stein | 212.431.2427
Jennifer Lanza | 212.810.4960
FIFTH AVENUE STYLE | $10,000,000
3 BR / 4 BA | WEB: 00110043
Nikki Field | 212.606.7669
LIMESTONE MANSION | $50,000,000
9 BR / 5.4 BA | WEB: 00110315
Stan Ponte | 212.606.4109
684 PARK AVENUE | $34,000,000
20 ROOMS | WEB: 00110358
Serena Boardman | 212.606.7611
510 PARK AVENUE | $12,800,000
3 BR / 5.5 BA | WEB: 0019871
J. Roger Erickson | 212.606.7612
25 NORTH MOORE, 2A | $6,000,000
2 BR / 2.5 BA | WEB: 0138018
Joshua Judge | 212.431.2476
Philip McCarthy | 212.810.4954
Michael Quinn | 212.431.2475
1 JOHN STREET, PHA | $7,011,474
BROOKLYN | 4 BR / 4 BA | WEB: 0137850
Karen Heyman | 212.810.4990
Alan Heyman | 212.810.4991
230 CENTRAL PARK SOUTH | $11,900,000
2 BR / 4 BA | WEB: 00110291
Pauline Evans | 212.400.8740
Pamela O’ Connor | 212.606.7709
Rebecca Cavallaro | 212.606.7641
874 BROADWAY| $2,200,000
1 BR / 1 BA | WEB: 0138024
Jonathan Hettinger | 212.810.4953
A MESSAGE FROM OUR MANAGERS:
Traditional third quarter stats reflect properties which have gone under contract in the spring and early summer. According
to the Vanderbilt Appraisal Report, the third quarter of 2015 saw a drop in both the number of showings and properties being
offered for sale compared to the third quarter of 2014. The number of buyers in the $3M and below range increased due to
interest rates remaining low, prompting buyers to act now. On the selling front, when the property is priced to the market, sellers
of studios, one and two bedrooms are receiving multiple offers. In the higher price points over $3M, a significant amount of new
development properties are hitting the market and vying for the same buyers as the resale listings across New York City. Buyers
and sellers in the luxury and ultra-luxury markets find themselves conflicted, as sellers are reluctant to adjust pricing to match
the competition and buyers are seeking to negotiate hard to make a deal.
We look forward to an active fall 2015 market.
EAST SIDE MANHATTAN BROKERAGEEllie JohnsonSenior Vice President, Brokerage Managert: 1.212.606.7660 38 East 61st Street | New York, New York 10065
DOWNTOWN MANHATTAN BROKERAGE Diane LevineSenior Vice President, Brokerage Managert: 1.212.431.2440 149 Fifth Avenue, 4th Floor | New York, New York 10010
END NOTES
© MMXV Sotheby’s International Realty, Inc. All Rights Reserved. All information in this report is provided by Vanderbilt Appraisal Company and other third party reports. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. 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.
WALKER TOWER, 212 WEST 18TH STREET | $70,000,000 | WEB: 0137804
Sotheby’s International Realty Manhattan Brokerages
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS
NEW YORK, NY | Web: 0019986 | $4,995,000
SAN FRANCISCO, CA | Web: 0087588 | $5,250,000
HOUSTON, TX | Web: 1250301 | $5,499,000
RESORT MARKETS
CARMEL, CA | Web: 0474151 | $5,495,000
PALM BEACH, FL | Web: 0076501 | $4,950,000
MONTECITO, CA | Web: 0113874 | $5,000,000
FOREIGN MARKETS
BELIZE | Web: ZJWCRR | $5,995,000
COSTA RICO | Web: 5HW2RZ | $5,900,000
SPAIN | Web: 3FV283 | $5,880,376
sothebysrealty.com
AUCTION CALENDAR OCTOBER | NOVEMBER 2015
American Paintings, Drawings and Sculpture New York 02 Oct
Modern and Contemporary Asian Art Evening Sale Hong Kong 04 Oct
Photographs New York 07 Oct
RM Sotheby’s: Hershey Hershey 08 – 09 Oct
Property from a Distinguished Private Asian Collection New York 15 Oct
Château Margaux 1900–2010 Direct From The Cellars: A Celebration of the Mentzelopoulos Era New York 17 Oct
Collections: European Decorative Arts New York 17 Oct
The Creative Genius of Sam Simon: A Lifetime of Memorabilia New York 22 Oct
Impressionist & Modern Art Evening Sale New York 05 Nov
Contemporary Art Evening Auction New York 11 Nov
Finest and Rarest Wines New York 14 Nov
American Art New York 18 Nov
Latin America: Modern Art Latin America: Contemporary Art New York 19 – 20 Nov
Prints & Multiples New York 23 – 24 Nov
We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2015
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