OLSHAN LUXURY MARKET REPORT

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May 6-12, 2013

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

24 Contracts Signed

The evidence suggests that folks who dwell in Upper West Side luxury properties are among the happiest and most content in Manhattan. And what is that evidence? Well, for the second time in the last month, not a single property at $4 million and above was sold on the Upper West Side. It seems few luxury- property owners are opting to sell, and it’s hard to find much new construction. Year-to-date, here’s the stats, by location, for the number of contracts signed on all properties at $4 million and above: Downtown: 302; Upper East Side: 170: Upper West Side: 58; Midtown: 33.

To be clear, most of the new construction has been Downtown. The Upper East Side has had a few new condos, which sold quickly, and now the action has switched to former rental buildings transformed into uber luxury condos. Prime examples include 737 Park Avenue and 150 East 72nd Street, which recorded 3 of the top 5 contracts last week, including the No. 1 sale. The top 3 sales were also condos with terraces.

The No.1 contract was Apartment 16E at 737 Park Avenue, asking $17.5 million. The unit has 3,845 square feet, and is configured as a 4-bedroom, 5-bath unit facing south over 71st Street. The master bedroom suite faces the back of the building and has a 23-foot terrace.

The No. 2 contract was a tie: 2 condos that were asking $14 million. They were: Apartment 10D at 212 West 18th Street, known as Walker Tower, and PHA at 62 Beach Street, Fischer Mills Condominium. Apartment 10D at 212 West 18th Street has 3,199 square feet, and is a corner unit configured as 3 bedrooms and 3.5 baths with a 35-foot living room and a 1,326 square foot terrace. Penthouse A at 62 Beach Street is a 4,216-square-foot, 10-room duplex with 5 bedrooms and 4.5 baths, plus 4 terraces that total over 3,000 square feet.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 6-12, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

1

Avg.Price:$5,591,667

6

Condos

5

0

1

9

Avg.Price:$7,776,429
Avg.$/sq.ft.:$2,797
Avg.Size:2,780sq.ft.

15

Condops *

1

0

0

0

Avg.Price:$4,750,000
Avg.$/sq.ft.:$3,312
Avg.Size:1,434sq.ft.

1

Townhouses

1

0

1

0

Avg.Price:$6,375,000
Avg.$/sq.ft.:$1,624/sq.ft.
Avg.Size:3,925sq.ft.

2

Totals

12

0

2

10

24

Total Weekly Asking Price Sales Volume: $171,370,000
Average Asking Price: $7,140,417
Median Asking Price: $5,325,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:141
*Condop is a co-op with condo rules.

TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS:
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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:
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Donna Olshan
President
dso@olshan.com

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

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