OLSHAN LUXURY MARKET REPORT

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July 29-August 4, 2013

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

17 Contracts Signed

I can’t say for certain if the luxury market in Manhattan is slipping into the dog days of summer, but only 17 contracts were signed last week, something like a 33% drop from what we’ve been seeing in the last few months. Yes, inventory is tight, but we will have to wait and see if it’s the season or the supply.

The No.1 contract was unit 47East at 56 Leonard Street, asking $12.25 million and sold off of floorplans—which marks the 4th time in the last 2 months that 56 Leonard has taken the top spot. This particular condo has 3,371 square feet with 4 bedrooms, 4.5 bathrooms, and city and river views. The unit has a 29- x 43-foot living room/great room and 3 balcony/terraces. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. The building, which is not expected to be completed until 2015, reports more than 85% sold, averaging $2,900/square foot.

The No. 2 contract was Apartment 56/57C at 25 Columbus Circle, asking $9.2 million. This Time Warner Center condo is a 2-bedroom, 2.5-bathroom duplex with 2,044 square feet that features Central Park views from the living room and the two bedrooms. The sale represents a hefty profit from 2004, when the unit was purchased for $4,334,633.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 29-August 4, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

0

Avg.Asking:$5,183,333

3

Condos

2

1

2

8

Avg.Asking:$6,357,308
Avg.$/sq.ft.:$2,869/sq.ft.
Avg.Size:2,400sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

0

0

0

1

Avg.Asking:$5,450,000
Avg.$/sq.ft.:$818/sq.ft.
Avg.Size:6,665sq.ft.

1

Totals

5

1

2

9

17

Total Weekly Asking Price Sales Volume: $103,645,000
Average Asking Price: $6,096,765
Median Asking Price: $5,350,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:218
*Condop is a co-op with condo rules.

TO VIEW 16 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:
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TO VIEW 1 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/131003d78926d9.htm

Donna Olshan
President
dso@olshan.com

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

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