OLSHAN LUXURY MARKET REPORT

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June 10-16, 2013

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

32 Contracts Signed

Thirty-two contracts were signed last week at $4 million and above with 8 asking above $10 million, including 3 at $25 million and above. Year-to-date, 133 contracts have been signed at $10 million and above, more than double the number of contracts for the same period last year.

The No. 1 contract was PH59 at 56 Leonard, asking $31.5 million. This is the 5th property in Manhattan to be sold north of $30 million this year. Penthouse 59 is a 5-bedroom, 5.5 bathroom condo with 5,825 square feet and spectacular views of of Manhattan, the Statue of Liberty, and Atlantic Ocean. The unit has 14-foot ceilings, 2 balconies, and a 29 x 25-foot terrace that can be accessed from a library, a conservatory, and a 39-foot master bedroom suite. The unit is one of 10 penthouses sold off of floorplans in a building that will not be completed for 2 to 3 years. 56 Leonard is a 145-unit, 60-story condo designed like a glass obelisk, punctuating the Tribeca sky, by Pritzker-Prize-winning Swiss architects Herzog & de Meuron. Amenities include a concierge, doormen, a 75-foot lap pool, fitness and yoga facility, a conference center, a children’s playroom, outdoor sun deck, and a private dining salon with a catering kitchen.

The No. 2 contract was Apartment 5/6 at 950 Fifth Avenue, asking $26 million, reduced from $27.5 million when it started on the market last July. The apartment is a 12-room duplex co-op with 4 bedrooms, 5.5 bathrooms, and a monthly maintenance of $19,516. The living room and master bedroom have fireplaces and face Central Park. The unit has 11-foot ceilings and is in very good condition. It originally sold in October but the buyer was rejected by the co-op board and the apartment went back on the market in November.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 10-16, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

11

0

0

0

Avg. Asking:$10,553,667

11

Condos

5

3

1

10

Avg. Asking:$8,761,211
Avg.$/sq.ft:$2,954/sq.ft.
Avg.sq.ft.: 2,966 sq.ft.

19

Condops *

1

0

0

0

Avg. Asking: $5,795,000
Avg.$/sq.ft.:$1,998/sq.ft.
Avg.sq.ft.:2,900sq.ft.

1

Townhouses

1

0

0

0

Avg. Asking:$9,250,000
Avg.$/sq.ft.:$1,934/sq.ft.
Avg.sq.ft.: 4,782sq.ft.

1

Totals

18

3

1

10

32

Total Weekly Asking Price Sales Volume: $304,103,000
Average Asking Price: $9,503,219
Median Asking Price: $7,027,500
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:143
*Condop is a co-op with condo rules.

TO VIEW 31 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/13081640880145.htm
http://media.realplusonline.com/webreports/130815438ee083.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/130815a16d1e6c.htm

Donna Olshan
President
dso@olshan.com

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

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