OLSHAN LUXURY MARKET REPORT

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July 8-14, 2013

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

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, as condos outsold co-ops 15-2. The biggest sale of the week was a combination of 2 units at 36 Bleecker Street, a new 20-unit condo called the Schumacher that opened for sale in mid-June. Additionally, contracts were signed on 3 townhouses and 1 condop. Year-to-date, the gap between condo and co-op sales continues to widen, with condos outselling co-ops 3 to 1.

The No.1 contract, at 36 Bleecker, was sold off of floorplans, asking $20,695,000 for 8,719 square feet that translates to $2,374/square foot. The original units, called Mansion 2 and Mansion 3, were each designed as ground-floor 4-bedroom, 4-bathroom units with 2 powder rooms. It’s hard to say how the combination will eventually be configured. The buyer is supposedly a well-known contemporary art collector/dealer.

The Schumacher has 2- to 4-bedroom units that feature barrel-vaulted ceilings---up to 15-feet high--a remnant from the days when the building was a printing factory. Stillman Development has committed to installing very high-end finishes, including large windows, Siberian oak floors, and custom kitchens with huge slab marble countertops. The building is not scheduled to be completed until the end of 2014.

The No.2 contract last week was 114 East 70th street, asking $15 million. This is a a 20-foot- wide brownstone divided into a 7-unit co-op. The building has 6,150 square feet and is on one of the prettiest blocks in Manhattan.

Year-to-date, there have been 78 contracts signed on townhouses at $4 million and above with asking prices averaging $1,728/square foot, while 18 contracts have been signed on townhouses at $10 million and up with asking prices averaging $2,457/square foot. Most of the townhouses required renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 8-14, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0

Avg.Asking:$4,875,000

2

Condos

5

4

0

6

Avg.Asking:$7,287,933
Avg.$/sq.ft.:$2,400/sq.ft.
Avg.Size:3,037sq.ft.

15

Condops *

1

0

0

0

Avg.Asking:$5,142,000
Avg.$/sq.ft.:$1,703/sq.ft.
Avg.Size: 3,019sq.ft.

1

Townhouses

1

0

0

2

Avg.Asking:$9,615,000
Avg.$/sq.ft. $1,592/sq.ft.
Avg.Size:6,038sq.ft.

3

Totals

9

4

0

8

21

Total Weekly Asking Price Sales Volume: $153,056,000
Average Asking Price: $7,288,381
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:116
*Condop is a co-op with condo rules.

TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 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/1309124b38d559.htm

Donna Olshan
President
dso@olshan.com

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

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