OLSHAN LUXURY MARKET REPORT

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July 1-7, 2013

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

16 Contracts Signed

Mirror, mirror on the wall... Last week mirrored the week before, as 56 Leonard reported another contract signed on a Penthouse that was also the No. 1 sale of the week. Since sales opened in February, 5 of the 10 penthouse units have sold, averaging $5,213/square foot.

Last week’s No. 1 sale was PH56, asking $31.5 million for 5,858 square feet with 9 rooms that include 4 bedrooms and 4.5 bathrooms. It has a 39-foot terrace off the kitchen and dining room, and a balcony off the 28 x 31-foot living room. The unit showcases views of the city, the Statue of Liberty, and the Hudson River.

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.

The No. 2 contract was Apartment 14CD at 212 West 18th Street, asking $12,750,000. The unit has 4 bedrooms and 4.5 bathrooms that span 3,838 square feet. It is one of the few remaining units in Walker Tower Condominium, which opened for sale a year ago. The building is the original Art Deco headquarters of New York Telephone that was transformed into a condo with some of the highest quality finishes ever seen in new construction in Manhattan. The units have ceiling heights ranging from 10 to almost 14 feet, featuring windows that are 8 to 9.5 feet in height and 5-feet wide. There are herringbone floors with radiant heat throughout, kitchens outfitted with Smallbone Devizes cabinets, marble and limestone countertops, and an ultra luxury appliance package. All the bathrooms have custom marble details and Waterworks fittings. One unique feature of the building is a built-in humidification system, the same system that is used in museums. The building amenities also include doormen, concierge, a library lounge, children’s playroom and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 1-7, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

1

0

Avg.Asking:$7,181,250

3

Condos

2

2

0

8

Avg.Asking:$8,680,727
Avg.$/sq.ft:$3,188/sq.ft.
Avg.Size:2,995sq.ft.

12

Condops *

0

0

0

0



0

Townhouses

0

0

0

1

Avg.Asking:$5,950,000
Avg.$/sq.ft.:$903/sq.ft.
Avg.Size:6,592sq.ft.

1

Totals

3

3

1

9

16

Total Weekly Asking Price Sales Volume: $130,163,000
Average Asking Price: $8,135,188
Median Asking Price: $5,725,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:167
*Condop is a co-op with condo rules.

TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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