OLSHAN LUXURY MARKET REPORT

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May 20-26 2013

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

29 Contracts Signed

Twenty-nine contracts were signed last week at $4 million and above, and for the first time this year, the top 2 sales were each above $30 million. By comparison, last year only 13 sales closed at $30 million and above. So far this year just 4 contracts have been signed north of $30 million, and of those, 3 were sold at 150 Charles Street off of floorplans. By the way, none of the 4 contracts was signed for units at the highly expensive and highly publicized new condos at 423 Park Avenue and 157 West 57th Street—where the crane fell during the Sandy storm-- because the developers have refused to provide information to the Real Estate Board of New York Listing system (RLS).

The No. 1 contract was 19 East 70th Street, a 30-foot-wide limestone mansion, asking $38 million. This 6-story Italian renaissance-style house has 14,280 square feet, and was purchased in February 2011 for $31 million from the Knoedler Gallery. The buyers never moved in nor did they renovate, and instead put it back on the market last June. The house, located on the Frick Museum block, was built in 1909, and still has the original staircase, a large elevator, and 10- to-14-foot coffered ceilings.

The No. 2 contract was Penthouse B at 150 Charles Street, asking $35 million, which translates to an eye-popping $7,592/sq.ft. This 5-bedroom, 5.5-bathroom triplex has 4,610 square feet and 2,500 square feet of terraces. The bottom floor has a 30-foot great room with a fireplace, a huge eat-in kitchen, a bedroom, and a large wraparound terrace facing the Hudson River. The middle floor has 4 bedrooms and the top floor has a spectacular rooftop terrace. 150 Charles is a 16-story, 91-unit condo that will not be completed for 2 to 3 years. The building, designed by Cook Fox architects with interiors by Alan Wanzenberg, is a meditation of brick and glass sitting on the Hudson River that is surrounded by 33,000 square feet of lush landscaping. Amenities include a full staff, garage, a 75-foot lap pool, fitness center, and children’s playroom.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 20-26 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

4

0

0

Avg.Asking:$8,090,000

11

Condos

1

1

3

7

Avg.Asking:$9,057,500
Avg.$/sq.ft:$3,390/sq.ft.
Avg.Size: 2,672sq.ft.

12

Condops *

4

0

0

0

Avg.Asking:$7,775,000
Avg.$/sq.ft.:$3,943/sq.ft.
Avg. Size: 1,972sq.ft.

4

Townhouses

2

0

0

0

Avg.Asking :$24,750,000
Avg.$/sq.ft:$2,777/sq.ft.
Avg. Size:8,913 sq.ft.

2

Totals

14

5

3

7

29

Total Weekly Asking Price Sales Volume: $278,229,999
Average Asking Price: $9,594,138
Median Asking Price: $7,850,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:142
*Condop is a co-op with condo rules.

TO VIEW 27 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/1307259add40cf.htm
http://media.realplusonline.com/webreports/130725cb4a0b0f.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/13072534245df0.htm

Donna Olshan
President
dso@olshan.com

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

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