OLSHAN LUXURY MARKET REPORT

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August 5-11,2013

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

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, including 7 over $10 million. Combing through the stats, here are 3 interesting factoids that caught my eye: 1.Of the 20 properties that went to contract, the average time on the market was 303 days, whereas the year-to-date average of all properties that went to contract at $4 million and above was 182 days. 2. The average price of the 20 properties was reduced by 11% before they went to contract compared to the year-to-date average of 3.3%. 3. Of the 7 properties at $10 million and above, none was new construction.

All of which begs the question: WHY? Well, as summer winds down, some sellers throw in the towel, lowering their asking price in order to make a deal. I’ve said this before but it bears repeating: Over my 34-year career, I have found August and the last half of December as the most opportune times for a buyer to get a better price.

The No.1 contract last week was the 8th floor at 1020 Fifth Avenue, asking $19,995,000, reduced from $25 million when it went on the market in April. Originally a 14-room co-op, it was converted into 9 rooms in the late 1980s and lavishly designed by architect Peter Marino. Two rooms face the Metropolitan Museum: a library with a fireplace and a spectacular 20 x 40-foot living room with 18-foot ceilings that has been outfitted with Louis V-style paneling and Venetian parquetry floors. The apartment also has 4 bedrooms, 5 bathrooms, an eat-in kitchen, a formal dining room, and a maid’s quarters. It is owned by the estate of Dr. Mona Ackerman, a clinical psychologist and philanthropist who died in December.

The No. 2 contract was a townhouse at 48 East 74th Street, asking $19,950,000, reduced from $22 million when it went on the market 13 months ago. It is owned by one of the greatest Broadway directors and producers of our time: Hal Prince (Phantom of the Opera, Cabaret, Sweeney Todd, to name a few). Mr. Prince purchased the 6-story Georgian-style townhouse in December 2009 for $12.5 million and renovated it with a theatrical flair that includes a double-height ceiling in the living room. The house has 7,375 square feet with an elevator, garden, eat-in kitchen, 4 bedrooms, 2 libraries, a formal dining room, 6 bathrooms, and 2 powder rooms.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 5-11,2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

0

1

Avg.Asking:$8,268,000

5

Condos

3

2

3

5

Avg.Asking:$8,959,923
Avg$/sq.ft.:$3,196/sq.ft.
Avg.Size:2,803sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

1

1

0

0

Avg.Asking:$19,475,000
Avg.$/sq.ft.:$2,242/sq.ft.
Avg.Size:8,688sq.ft.

2

Totals

8

3

3

6

20

Total Weekly Asking Price Sales Volume: $197,669,000
Average Asking Price: $9,883,450
Median Asking Price: $8,372,500
Average Discount from Original Ask to Last Asking Price:11%
Average Days on Market:303
*Condop is a co-op with condo rules.

TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 2 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/131010132a3de6.htm

Donna Olshan
President
dso@olshan.com

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

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