Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

5 Contracts Signed

Hurricane Sandy knocked out the power in the luxury market: Only 5 contracts at $4 million and above were signed last week. It was hard to get much done what with the lower half of Manhattan without basic utilities for several days. Predictably, 3 out of the 5 sales were on the Upper East Side, where the lights stayed on through the storm.

Oddly enough, the No. 1 sale was a downtown townhouse at 342 West 15th Street, asking $6,950,000 reduced from $7.9 million when it started on the market in January. This 19-foot-wide townhouse was purchased in 2004 for $2.1 million and then gutted and transformed into a 5-unit rental building. The largest apartment is a 2-bedroom, 2-bath triplex with a glass exterior in the rear.

East 79th Street has recently seen a lot of action, thanks to two new condos. 200 East 79th Street (200e79.com) came on the market in the beginning of October, and a well-placed source reports 22 out of 39 units already have contracts signed with 5 more contracts out. Skyline Developers/The Wilf Family has filed its 7th amendment to the offering plan to raise prices. Their successful formula is simple enough: charging an economically attractive price that started at $1,800/square foot for large units on the Upper East Side. The building has 3-, 4-, and 5-bedroom apartments ranging from1,900 square feet to 5,100 square feet with a handful of studios for owners to use as staff or guest quarters. The ceiling heights are modest: 8 feet 11 inches. The building has a amenity package that includes a fitness center, lounge, and communal terrace. The 39 units share 2 elevators.

By comparison, 135 East 79th Street (http://streeteasy.com/nyc/building/135-east-79-street-new_york), developed by The Brodsky Organization, started on the market in September and has only 5 of 30 units under contract. Why are its sales lagging behind those at 200 East 79th Street? It arguably comes down to price. The building averages $1,100/square foot more per unit than 200 East 79th Street. However, the location is a little better, the interiors have high quality finishes, and the ceiling heights are 9 feet 6 inches. In addition, there are 3 elevators that provide each unit with its own private elevator landing.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 29-November 4, 2012

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	3	0	0	0		3
Condos	0	0	0	1	Avg.Price:$2,054/sq.ft. Avg.Size:2,069sq.ft.	1
Condops *	0	0	0	0		0
Townhouses	0	0	0	1	Avg.Price:$1,154/sq.ft. Avg.Size:6,000sq.ft.	1
Totals	3	0	0	2		5

Total Weekly Asking Price Sales Volume: $25,599,000
Average Asking Price: $5,119,800
Median Asking Price: $4,499,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:98
*Condop is a co-op with condo rules.

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TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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