OLSHAN LUXURY MARKET REPORT

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October 29-November 4, 2012

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.

TO VIEW 4 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/130103764d6fc8.htm

TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/130103d3791f93.htm

Donna Olshan
President
dso@olshan.com

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

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