OLSHAN LUXURY MARKET REPORT

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July 15-21, 2013

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

28 Contracts Signed

We’re having a heat wave, and I am not talking about the 90+ weather that blanketed New York last week. I am talking about the luxury market in the middle of July when the typical buyer takes a normal breather and heads out of town. 28 contracts were signed last week at $4 million and above. Once again, condos outsold co-ops 19 to 3; there were 5 townhouses and 1 condop in the mix.

The sellers of the top 2 properties are both in the sports game. The No.1 contract was 7C at 15 Central Park West, asking $30 million, translating to $8,686/square foot. The owner is four-time Nascar series champion driver Jeff Gordon, who purchased the condo from the developers in 2007 for $9,673,375. The unit has 3 bedrooms, 3.5 bathrooms, and spans 3,454 square feet with the living room, media room, and dining room facing Central Park. The apartment has been lavishly renovated with Brazilian cherry floors, accents of black granite, a sushi bar, and bronze inlaid floors in the entrance foyer. The master bedroom is a 740-square-foot suite that includes a dressing room. 15 Central Park West is the most expensive condominium in New York, known for its high profile sales and owners; it is a limestone structure designed by Robert A.M. Stern with a host of amenities that include a 14,000–square-foot fitness center with a 75-foot pool, a private dining restaurant, a landscaped motor court and garage, a library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was a townhouse at 131 East 64th Street asking $19.9 million, reduced from $22.9 million when it started on the market in October 2010. The house was purchased in 2003 for $5,811,500 by David Seldin, a sports executive and former President and COO of the NFL ‘s Jacksonville Jaguars. The 6-story house has 8,260 square feet, and was renovated to include 8 bedrooms, 11 bathrooms, a pool in the basement, and an elevator.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 15-21, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

0

0

3

Avg.Asking:$4,898,333

3

Condos

1

2

3

13

Avg.Asking:$7,526,579
Avg.$/sq.ft.:$2,589/sq.ft.
Avg.Size:2,877sq.ft.

19

Condops *

1

0

0

0

Avg.Asking:$4,550,000
Avg.$/sq.ft:$3,186/sq.ft.
Avg.Size:1,428sq.ft.

1

Townhouses

3

1

0

1

Avg.Asking:$11,965,000
Avg.$/sq.ft.:$1,878/sq.ft.
Avg.Size:5,944sq.ft.

5

Totals

5

3

3

17

28

Total Weekly Asking Price Sales Volume: $228,075,000
Average Asking Price: $7,931,250
Median Asking Price: $6,375,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:204
*Condop is a co-op with condo rules.

TO VIEW 23 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/1309191c79fe7c.htm


TO VIEW 5 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/1309190e8f1e9a.htm

Donna Olshan
President
dso@olshan.com

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

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