OLSHAN LUXURY MARKET REPORT

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June 17-23, 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 including the biggest contract of the year: a mansion townhouse at 7 West 54th Street, asking $49.9 million. The week’s total ended with co-ops outselling condos 13-12, plus 5 townhouse contracts and 1 condop.

The townhouse at 7 West 54 started on the market 13 months ago, asking $65 million. In December, the seller changed brokerage firms and dropped the price to $49.9 million, which translates to $3,006/sq.ft.. This Beaux Arts limestone mansion was built in 1889 for Philip Lehman, founder of Lehman Brothers. In 2005, it was purchased for $13 million by Zimmer Lucas Capital for use as offices for its hedge fund. The house was meticulously renovated and expanded to 16,600 square feet that included a 6th-floor glass penthouse with a retractable roof.

The No. 2 contract was the 17th floor at 778 Park Avenue, asking $22.5 million, with a monthly maintenance of $18,658. This 10-room co-op has 3 bedrooms, 3 bathrooms, 2 fireplaces, and 5 terraces. Its 30-foot living room has 11-foot ceilings and French doors that open onto a large terrace. The unit needs a complete renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 17-23, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

4

0

4

Avg.Ask:$6,835,408

13

Condos

4

2

1

5

Avg.Ask:$6,244,500
Avg.$/sq.ft.:$2,706/sq.ft.
Avg.Size:2,462sq.ft.

12

Condops *

1

0

0

0

Avg.Ask:$4,375,000
Avg.$/sq.ft:$1,482/sq.ft.
Avg.Size:2,952sq.ft.

1

Townhouses

0

1

2

3

Avg.Ask:$13,183,333
Avg.$/sq.ft.:$2,329/sq.ft.
Avg.Size:5,888sq.ft.

6

Totals

10

7

3

12

32

Total Weekly Asking Price Sales Volume: $249,933,000
Average Asking Price: $7,810,406
Median Asking Price: $5,145,000
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 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/130823b4384f65.htm
http://media.realplusonline.com/webreports/130823a8d9af96.htm

TO VIEW 6 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/1308237a11ee9a.htm

Donna Olshan
President
dso@olshan.com

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

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