OLSHAN LUXURY MARKET REPORT

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June 3-9, 2013

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

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above-- 5 were asking above $10 million. According to Streeteasy.com, there are 334 properties for sale at $10 million and above, but if you include all the units that are not yet listed in the new condos, there are over 400 for sale at $10 million or more, which represent approximately 9% of the current inventory.

The No. 1 contract was 47 West 70th Street, a brownstone asking $19,950,000. This 20-foot-wide house was gut renovated and expanded to over 9000 square feet after it was purchased 2 years ago for $8 million. The house has 7 Bedrooms, 7 bathrooms, 2 powder rooms, and an elevator. The kitchen is off the garden, and has been outfitted with Bulthaup cabinets and top-of-the-line appliances. The cellar was excavated to create an 1,800-square-foot space with a 9-foot ceiling that includes staff quarters with an en-suite bathroom, a playroom, wine cellar, and gym. This is one of the most expensive houses offered on the Upper West Side, where the townhouse record sale was registered in 2012 at 247 Central Park West—the price: $22.375 million.

The No. 2 contract was the 6th floor at 18 Gramercy Park South, asking $15,940,000. This is a 4-bedroom, 5.5-bathroom condo with 4,207 square feet that includes a 37-foot living room facing Gramercy Park and a 28-foot master suite. The building, once a Salvation Army’s ladies residence, was purchased in 2010 for $60 million by developers Zeckendorf Realty, which hired architect Robert A.M. Stern, the same team that built 15 Central Park West. They transformed 18 Gramercy Park South into a 16-unit condo with a doorman, fitness center, and a key to private Gramercy Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 3-9, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

1

0

Avg.Asking:$7,300,000

3

Condos

3

2

0

8

Avg.Asking:$6,746,538
Avg.$/sq.ft.:$2,211/sq.ft.
Avg.sq.ft:3,052sq.ft.

13

Condops *

0

0

0

1

Avg.Asking:$4,600,000
Avg.$/sq.ft.:$1,679/sq.ft.
Avg.sq.ft.:2,740sq.ft.

1

Townhouses

0

3

0

2

Avg.Asking:9,949,000
Avg.$/sq.ft.:1,541/sq.ft.
Avg.sq.ft.:6,454sq.ft.

5

Totals

5

5

1

11

22

Total Weekly Asking Price Sales Volume: $163,950,000
Average Asking Price: $7,452,273
Median Asking Price: $5,550,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:217
*Condop is a co-op with condo rules.

TO VIEW 17 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/130808a5bb208f.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/1308085a540529.htm

Donna Olshan
President
dso@olshan.com

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

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