OLSHAN LUXURY MARKET REPORT

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August 12-18, 2013

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

20 Contracts Signed

The Yankees and the Mets may be experiencing a dreary summer, but Manhattan’s luxury real estate market continues to put up dazzling numbers. Twenty contracts were signed last week at $4 million and above.

The No.1 contract was unit 8West at 11 East 68th Street, asking $18 million. This is a 11-story Beaux Arts private mansion built in 1913 that eventually became a rental and is now being converted into a 25- to 30-unit condo called The Marquand. Apartment 8West has 3,849 square feet with 5 bedrooms and 4.5 baths. It also features a 29-foot entrance gallery, 10-foot ceilings, and a living room and a formal dining room with big bay windows and wood-burning fireplaces. A large kitchen opens to a family room. The condo’s design team is Shelton, Mindel & Associates, which promises a very high quality finish. Units are being sold off of floorplans. Amenities include a concierge, fitness center, and children’s room.

The No.2 transaction was two apartments sold to one buyer in the Superior Ink Condominium at 400 West 12th Street: 14A ($7,500,000) and 14B ($9,495,000) asking a combined $16,995,000 for 4,453 square feet that translates to $3,817/square foot. Each unit has 3 bedrooms and 3.5 baths with spectacular Hudson River views. The sale speaks to the popularity of this particular condo and its ability to rebound after the Sandy storm that left its lobby under 5-feet of water. Many of the building’s amenities were ruined but the condo board did an amazing job rebuilding and getting the residents back into their apartments within 6 weeks.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 12-18, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

1

1

Avg.Asking:$5,132,000

5

Condos

4

1

2

5

Avg.Asking:$7,547,500
Avg$/sq.ft.:$2,901/sq.ft.
Avg.Size:2,402sq.ft.

12

Condops *

0

0

0

0



0

Townhouses

0

0

0

3

Avg.Asking:$7,650,000
Avg$/sq.ft.:$1,605/sq.ft.
Avg.Size:4,765sq.ft.

3

Totals

6

2

3

9

20

Total Weekly Asking Price Sales Volume: $139,365,000
Average Asking Price: $6,968,500
Median Asking Price: $6,537,500
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:175
*Condop is a co-op with condo rules.

TO VIEW 17 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/13101771a9d8d6.htm

Donna Olshan
President
dso@olshan.com

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

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