OLSHAN LUXURY MARKET REPORT

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March 4-10, 2013

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

43 Contracts Signed

Another week, another multi-year high. And I’m not talking about the stock market. Sound familiar? Well, faithful readers, it should. Those are exactly the same 2 sentences with which I led last week’s report. I guess I could have been more clever, but the numbers speak for themselves: 43 contracts were signed last week at $4 million and above, the biggest number since we started keeping track in 2007. The dollar volume of $326,738,000 was not, however, a 6-year record. There were 2 weeks in 2012 that had larger dollar volume on fewer sales.

Last week, condos outsold co-ops: 36-5, and there were 2 townhouses in the mix. The biggest contributor was 56 Leonard, where 16 contracts totaling $98.4 million were signed off floorplans, this despite being 2 to 3 years away from completion. The building is destined to be the most architecturally significant condo ever constructed in Tribeca. The architects are Pritzker Prize winners Herzog & de Meuron (Tate Modern Museum in London and Beijing Bird’s Nest). The 145-unit condo is a soaring 60-story glass sculpture that translates into a contemporary masterpiece meant to compliment the new Freedom Tower, the site of the former World Trade Center being built 10 blocks south.

The No. 1 contract of the week, however, wasn’t new construction. It was Apartment 19A at 737 Park Avenue, asking $26 million, in a building being transformed from a rental to a condo by Macklowe Properties. This 5-bedroom, 6.5-bath condominium has 5,508 square feet and a fireplace. It wraps around the corner of Park and 71st Street with a 49-foot living room and formal dining room facing one of the most important co-ops in New York: 740 Park Avenue, known for grand apartments, famous residents, and a tough co-op board, all chronicled in a book by Michael Gross.

The No. 2 contract was Apartment 42C at 1 Central Park West, asking $19.9 million, reduced by $2 million when it went on the market last May. This is a 2-bedroom, 2.5- bath unit with 4,415 square feet and sweeping views of Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 4-10, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

1

2

Avg.Price:$6,249,000

5

Condos

8

3

1

24

Avg.Price:$7,648,750
Avg.$/sq.ft:$2,846/sq.ft.
Avg.Sq.Ft.:2,688sq.ft.

36

Condops *

0

0

0

0



0

Townhouses

0

1

0

1

Avg.Price:$10,069,000
Avg.$/sq.ft:$1,595/sq.ft.
Avg.Sq.Ft:6,312sq.ft.

2

Totals

10

4

2

27

43

Total Weekly Asking Price Sales Volume: $326,738,000
Average Asking Price: $7,598,558
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:108
*Condop is a co-op with condo rules.

TO VIEW 41 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/130509ece96932.htm
http://media.realplusonline.com/webreports/1305099e48b8df.htm

TO VIEW 2 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/130509756fc5c6.htm

Donna Olshan
President
dso@olshan.com

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

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