OLSHAN LUXURY MARKET REPORT

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February 25-March 3, 2013

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

34 Contracts Signed

Another week, another multi-year high. And I’m not talking about the stock market. 34 contracts were signed last week at $4 million and above, the biggest number since we started keeping track in 2007. It was fueled by a wave of new luxury condo projects: Fully 47% were in Downtown condos, with 56 Leonard Street and 150 Charles Street leading the way. As a result of the banking collapse in 2008, these projects were stalled and so are not expected to be finished for another 2 to 3 years--a delay that hasn’t dissuaded buyers. 56 Leonard is a 60-story, 145-unit condo in Tribeca, ambitiously fashioned like a soaring glass sculpture by the Pritzker Prize winning architects Herzog & de Meuron (Tate Modern Museum in London and Beijing Bird’s Nest). 150 Charles is a 16-story, 90-unit meditation of brick, glass, and heavy landscaping that rests on the Hudson River in Greenwich Village.

The No. 1 contract of the week, however, wasn’t new construction. It was Penthouse B at 30 Crosby Street, asking $15 million, reduced from $17.950 million when it was listed a year ago. This 6,167-square-foot triplex condo has 5 bedrooms, 4 baths, 4 powder rooms, and over 3,000 square feet of spectacular terrace space. The sellers are pop star Alicia Keys and record producer husband Swizz Beatz, who bought the unit from rocker Lenny Kravitz in 2010 for $12.750 million, after it had been on the market for 3 years.

The No. 2 contract was Apartment 8CDE at 1185 Park Avenue, asking $14.495 million,reduced from $17.950 million when it was listed last April. The co-op has 23 rooms including 9 bedrooms, 10 baths, and a large chef’s kitchen that opens onto a family room. This corner unit has approximately 100 feet fronting Park Avenue.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 25-March 3, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

2

0

0

Avg.Price:$6,826,667

9

Condos

2

1

1

16

Avg.Price: $7,044,750
Avg.Price:$2,409/sq.ft.
Avg.Size:2,924sq.ft.

20

Condops *

0

0

0

0



0

Townhouses

1

0

0

4

Avg.Price:$5,043,000
Avg.Price:$1,550sq.ft.
Avg.Size:3,255sq.ft.

5

Totals

10

3

1

20

34

Total Weekly Asking Price Sales Volume: $227,250,000
Average Asking Price: $6,683,824
Median Asking Price: $5,500,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:198
*Condop is a co-op with condo rules.

TO VIEW 29 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/1305032883fda9.htm
http://media.realplusonline.com/webreports/130503f436fd10.htm

TO VIEW 5 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/1305029f0f89fc.htm

Donna Olshan
President
dso@olshan.com

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

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