OLSHAN LUXURY MARKET REPORT

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August 19-25, 2013

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

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, including 11 sold off of floorplans in buildings that will not be completed for at least another 18 months. So far this year, sales off of floorplans at $4 million and above constitute 33% of the contracts signed. Ironically, even though 2013 could end up being a record year in the luxury market, hundreds of buyers will not inhabit their apartments until the end of 2014 and beyond.

On that note, the No.1 contract last week was sold off of floorplans in a building not due to be completed until 2015: Apartment 41West at 56 Leonard, asking $13.25 million. The unit has 4 bedrooms, 4.5 bathrooms, and 3,412 square feet. It also has a 50-foot living room/dining room with 2 balconies and a 30-foot master with a 23-foot balcony. 56 Leonard is a 60-story, 145-unit condo designed by Pritzker Prize-winning Swiss architects Herzog & de Meuron; it made the front page of yesterday’s New York Post with a story about a 200-square foot basement storage unit in the building selling for $300,000.

The No. 2 contract was 6B at 170 East End, asking $9.5 million, reduced from $12.5 million when it went on the market in January 2012. This 5-bedroom, 5.5-bath condo with 5,158 square feet is 3 units put together that last sold in April 2011 for $7,891,437. The living room, dining room, master, and sitting room face Carl Schurz Park. There is a terrace off an entertainment/media room in the back of the apartment. Completed in 2008, 170 East End is a very stylish luxury condo that was designed by Peter Marino, and has 12,000 square feet of amenities including one of the few regulation squash courts in a residential building in Manhattan.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 19-25, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

0

1

Avg.Asking:$6,813,333

3

Condos

5

2

2

9

Avg.Asking:$6,180,278
Avg.$/sq.ft.:$2,352/sq.ft.
Avg.Size:2,628sq.ft.

18

Condops *

2

0

0

0

Avg.Asking:$8,675,000
Avg.$/sq.ft.:$3,550/sq.ft.
Avg.Size:2,444sq.ft.

2

Townhouses

2

0

1

0

Avg.Asking:$5,350,000
Avg.$/sq.ft.:$1,031/sq.ft.
Avg.Size:5,192sq.ft.

3

Totals

10

3

3

10

26

Total Weekly Asking Price Sales Volume: $165,085,000
Average Asking Price: $6,349,423
Median Asking Price: $5,600,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:168
*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/131024197fa4d5.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/13102429945319.htm

Donna Olshan
President
dso@olshan.com

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

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