OLSHAN LUXURY MARKET REPORT

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April 15-21, 2013

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

27 Contracts Signed

The stock market suffered through its worst week of 2013--but the luxury real estate market held firm. There were 27 contracts signed at $4 million and above last week, and once again, condos outsold co-ops by a healthy margin: 21-3, with 2 condops and 1 townhouse in the total mix. One interesting trend is the continued tightening of inventory throughout the entire market: According to Urbandigs.com: “Manhattan active inventory stands at 4,826 units, down 30% from this time last year.”

The No.1 contract was Apartment 9B at 150 Charles Street, asking $14 million for a 4-bedroom, 4.5-bathroom condo with 3,114 square feet. The unit was sold off of floorplans and offers Hudson River views from the foyer, the 26-foot living room, and the 21-foot master bedroom. 150 Charles is a new 16-story, 91-unit condo that is being constructed of brick and glass with 33,000 square feet of lush landscaping. Completion is not expected for another 2 to 3 years, and amenities include a full staff, garage, fitness center, pool, and children’s playroom. The condo started its marketing in February, and is reporting 75% of its units sold with an average asking price of $3,228/square foot.

The No. 2 contract was 113 East 60th Street, asking $13,500,000, for a 20-foot wide, 10,460-square-foot townhouse that was renovated in 2008. The first three floors is commercial, and above it are 2 residential duplexes. The house has an elevator, roof deck, and central air conditioning.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 15-21, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

0

Avg.Price: $5,333,333

3

Condos

3

4

3

11

Avg.Price: $7,502,857
Avg.$/sq.ft.:$2,302/sq.ft.
Avg.Size: 3,260sq.ft.

21

Condops *

2

0

0

0

Avg.Price: $4,800,000
Avg.$/sq.ft.:$3,354/sq.ft.
Avg.Size: 1,431sq.ft.

2

Townhouses

1

0

0

0

Avg.Price: $13,500,000
Avg.$/sq.ft.:$1,291/sq.ft.
Avg.Size: 10,460sq.ft.

1

Totals

9

4

3

11

27

Total Weekly Asking Price Sales Volume: $195,510,000
Average Asking Price: $7,241,111
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:178
*Condop is a co-op with condo rules.

TO VIEW 26 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/1306204ea0b7bb.htm
http://media.realplusonline.com/webreports/1306214a09ecf9.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/130621a18a63b8.htm

Donna Olshan
President
dso@olshan.com

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

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