OLSHAN LUXURY MARKET REPORT

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June 24-30, 2013

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

31 Contracts Signed

At the 6-month mark, 2013 is shaping up to be the strongest market we have seen for luxury sales since we started keeping track in 2007. Year-to-date, 759 contracts were signed at $4 million and above, with one-third of the deals sold off of floorplans in new condo projects that will not be completed for at least 2 years. A prime example is last week’s No.1 contract, which also happens to be the No.1 apartment sale of the year and the most expensive apartment ever sold Downtown: PH60 at 56 Leonard Street asking $47 million.

56 Leonard Street is a 60-story, 145-unit condo that started sales in 2008 and closed up shop when the financial crisis hit. Sales resumed in February, and the developer reports that 80% of the units have been sold. The building is designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. Penthouse 60 is the top-floor duplex that has 7,799 square feet and terraces that total 1,200 square feet. It features a 60-foot great room with 19-foot ceilings and massive windows that showcase views of the city, the Statue of Liberty, and the Hudson River.

The No. 2 contract was Penthouse 53, also at 56 Leonard Street, asking $28.5 million. The unit has 6,400 square feet with 4 bedrooms, 4.5 bathrooms, 14-foot ceilings, and 1,790 square feet of outdoor space that includes 2 terraces and a balcony.

Number of Contracts Signed on Residential Properties at $4 Million and Above *

2007 2008 2009 2010 2011 2012 1/1-6/30/13
644 503 365 465 582 807 759

* in mid 2010, Olshan started keeping track of townhouse sales. 2013 numbers do not include 157 West 57th Street and 432 Park which have not released their listing data.

Closed Sales $10 million and above: -- Source Streeteasy.com:
2010: 129 — $2.04 billion
2011: 139 — $2.2 billion
2012: 160 — $2.9 billion

Number of Contracts Signed at $10 million and Above January 1-June 30, 2013:
142 contracts totaling $2.080 billion.
Note: 63 out of the 142 properties sold were off of floorplans and most will not close for 2 years.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 24-30, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

3

1

0

Avg.Asking:$7,372,778

9

Condos

2

2

3

15

Avg.Asking:$10,484,227
Avg.$/sq.ft.:$3,434/sq.ft.
Avg.Size:3,053sq.ft.

22

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

7

5

4

15

31

Total Weekly Asking Price Sales Volume: $297,008,000
Average Asking Price: $9,580,903
Median Asking Price: $5,966,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:135
*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/1308293c582b81.htm
http://media.realplusonline.com/webreports/130829df451008.htm

TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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