OLSHAN LUXURY MARKET REPORT

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July 22-28, 2013

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

26 Contracts Signed

The word that best sums up last week’s action in the Manhattan luxury real estate market is BIG. On second thought, two words are better than one: REALLY BIG. Which aptly describes the top sale of the week.

The No.1 contract was a loft building at 144 Duane Street, asking $49.5 million. This 6-story, 41-foot building has 26,500 square feet and started on the market in November 2010 for $45 million. In April 2012, the price was raised by 10%. The top three floors of this handsome limestone building are configured as an 11,000-square-foot penthouse with a 2,775- square-foot landscaped roof deck. The 2nd and 3rd floors are each 4,000-square foot rental units, and the ground floor is zoned for retail space. And get this: There is also a half-court basketball court and gym in the basement.

The No. 2 contract was Apartment 38FGH at 721 Fifth Avenue, asking $17.5 million, reduced from $18.8 million when it started on the market in February. This renovated Trump Tower condo is a combination of 3 units that total approximately 3,700 square feet. With sweeping north views of Central Park, the apartment is configured as 3 bedrooms, a den, and 6 bathrooms .

The week ended up with 26 contracts. Condos outsold co-ops 18 to 4; there were 3 townhouse/building deals and 1 condop in the mix.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 22-28, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

3

0

1

Avg.Asking:$7,846,250

4

Condos

1

2

6

9

Avg. Asking:$7,683,056
Avg.$/Sq.Ft:$3,020/sq.ft.
Avg. Size:2,544

18

Condops *

1

0

0

0

Avg.Asking:$9,000,000
Avg.$/sq.ft.:$3,814/sq.ft.
Avg. Size:2,360/sq.ft.

1

Townhouses

0

0

2

1

Avg.Asking:$19,650,000
Avg.$/sq.ft.:$1,521/sq.ft.
Avg.Size:12,917

3

Totals

2

5

8

11

26

Total Weekly Asking Price Sales Volume: $237,830,000
Average Asking Price: $9,147,308
Median Asking Price: $6,912,500
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:176
*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/13092672b07131.htm


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/1309252feade02.htm

Donna Olshan
President
dso@olshan.com

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

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