OLSHAN LUXURY MARKET REPORT

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August 26-September 1, 2013

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

17 Contracts Signed

We just finished three outstanding quarters in the luxury market. Year-to-date, 962 properties have had contracts signed at $4 million and above, totaling $7.5 billion. Condos outsold co-ops 3 to 1, with 33% of the volume sold off of floorplans in new construction. Condo prices averaged $2,732/square foot, and the average size of a unit was 2,792 square feet. 173 properties had contracts signed with asking prices of $10 million and above.

The No.1 contract last week was Penthouse 17W at 135 East 79th Street, asking $23.5 million. This 5,334 square-foot duplex has 5 bedrooms, 5.5 baths, a 23-foot terrace off a library, and a large eat-in kitchen with cabinets by Christopher Peacock. This duplex is in a new 30-unit condo in which only 2 penthouses remain for sale ($25 million and $50 million). Designed by architect William Sofield, and developed by the Brodsky Organization, 135 East 79th Street is one of the most outstanding new condos to rise on the Upper East Side in recent years. Modeled after prewar buildings, the façade is a handsome limestone-and-brick design with a few accents of cast iron. The interiors have tasteful high-end finishes; prices averaged over $3,200/square foot and sold quickly off of floorplans. The condo has a doorman, concierge, fitness center, resident’s lounge, and an attractive landscaped courtyard.

The No. 2 contract was the 24th floor at 515 Park Avenue, asking $14.5 million. This is a 4-bedroom, 4-bathroom condo with 3,228 square feet and sweeping views of Central Park from the living room, library, master, and 2nd bedroom. The unit also has an eat-in kitchen.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 26-September 1, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

1

0

Avg. Asking: $7,000,000

3

Condos

4

2

2

3

Avg.Asking: $9,065,000
Avg.$/sq.ft.:$3,179/sq.ft.
Avg.Size:2,851sq.ft.

11

Condops *

2

0

0

0

Avg.Asking:$4,875,000
Avg.$/sq.ft.:$3,501/sq.ft.
Avg.Size:1,393 sq.ft.

2

Townhouses

0

1

0

0

Avg.Asking:$7,900,000
Avg.$/sq.ft.:$1,430/sq.ft.
Avg.Size: 5,526sq.ft.

1

Totals

8

3

3

3

17

Total Weekly Asking Price Sales Volume: $138,115,000
Average Asking Price: $8,124,412
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:170
*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:
http://media.realplusonline.com/webreports/1310314f3a1490.htm


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/13110196e75367.htm

Donna Olshan
President
dso@olshan.com

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

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