OLSHAN LUXURY MARKET REPORT

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March 18-24, 2013

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

63 Contracts Signed

College basketball fans aren’t the only species in the throes of March Madness. Manhattan real estate buyers and sellers are also gripped by the malady’s strange and wondrous properties. 63 contracts were signed at $4 million and above last week, which puts the month’s total to date at 203 contracts. And the Madness doesn’t stop there: Total volume for March is a whopping $1.54 billion—and that includes 163 condos, 25 co-ops, and 15 townhouses.

Of the 63 contracts signed last week, 53 were condos and 40 were sold off of floorplans in buildings that will not be completed for 2 to 3 years. 22 of them were at 56 Leonard, the new 60-story, 145-unit condo in Tribeca designed by the Pritzker Prize-winning architects Herzog & de Meuron. Since 56 Leonard went on sale 5 weeks ago, there have been 59 contracts signed on units at $4 million and above, averaging $2,776/sq.ft.

The No.1 contract was Apartment 44 at 20 West 53rd Street, asking $20.5 million—one of the first units sold in the the Baccarat Hotel & Residences. Sold off of floorplans, unit 44 promises 4 bedrooms, 4.5 bathrooms, and 4,545 square feet. The Baccarat is a 50-story building with 61 condos and 114 hotel rooms designed by Skidmore Owens and Merrill with interiors by Tony Ingrao. It is being built by Starwood Capital Group and Tribeca Associates on the former site of the Donnell Library.

The No. 2 contract was Unit 2102, asking $16,900,000, in the Aldyn condominium at 60 Riverside Boulevard. This 13-room, 5,847-square-foot duplex has 7 bedrooms and 9.5 bathrooms with dramatic views of the Hudson River. It has some unique features including a double-height ceiling in the living room and a 3,800 square foot terrace with a 15 x 37 swimming pool.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 18-24, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

1

1

Avg.Price:$7,269,000

5

Condos

5

3

2

43

Avg.Price:$8,694,038
Avg.$/sq.ft.:$3,156/sq.ft.
Avg.Size:2,755 sq.ft.

53

Condops *

0

0

0

0



0

Townhouses

2

0

0

3

Avg.Price:$6,300,000
Avg.$/sq.ft.:$1,622/sq.ft.
Avg.Size: 3,884 sq.ft.

5

Totals

9

4

3

47

63

Total Weekly Asking Price Sales Volume: $444,285,000
Average Asking Price: $7,052,143
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:87
*Condop is a co-op with condo rules.

TO VIEW 58 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/130523ef08e35e.htm
http://media.realplusonline.com/webreports/130524ac9f2ac8.htm
http://media.realplusonline.com/webreports/130524a7829d7b.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/13052320f6f6c7.htm

Donna Olshan
President
dso@olshan.com

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

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