OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


September 23-29, 2013

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

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, a tidy increase over the previous 2 weeks. But buried in the stats are a couple of figures that are truly remarkable even by Manhattan standards. Year-to-date, 1,020 contracts have been signed at $4 million and above, totaling $8 billion, a record since we started keeping track in 2007. This represents a 79% increase in the number of sales at the same point last year. Seriously. And with 3 months left in 2013, it’s a good bet that the year will end up with double the volume over 2012.

The No.1 contract was a townhouse at 45 East 74th Street, asking $30 million, reduced from $33 million when it went on the market in April 2012. This 19.5-foot wide house has 6,872 square feet, and was gut renovated after being purchased in 2008 for $10 million. The renovation is a spectacular post-modern design with 5 bedrooms, 7.5 baths, and an elevator. One of the outstanding features of the house is a basement-level spa that features a large glass mosaic pool with a waterfall, a fitness area, sauna, and wine room. The owner resurfaced the façade with limestone, and banisters in the house are crafted out of bronze and leather. This masterful renovation is worth taking a look: www.45east74thstreet.com.

The No. 2 contract was PH15W at 135 East 79th Street, asking $25 million. This is a 5-bedroom, 5.5-bathroom unit with 5,086 square feet and 2 terraces in a new 30-unit condo that is supposed to start closings in November. 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. There are only 3 units left, all penthouses, with the lowest-priced starting at $20.35 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 23-29, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

0

Avg.Asking:$7,565,000

3

Condos

5

0

2

9

Avg.Asking:$10,028,438
Avg.$/sq.ft.:3,297sq.ft.
Avg.Size:3,041sq.ft.

16

Condops *

2

0

0

0

Avg.Asking:$4,750,000
Avg.$/sq.ft.:3,326sq.ft.
Avg.Size:1,428sq.ft.

2

Townhouses

1

0

0

0

Avg.Asking:$30,000,000
Avg.Size:$4,366sq.ft.
Avg.Size:6,872sq.ft.

1

Totals

11

0

2

9

22

Total Weekly Asking Price Sales Volume: $222,650,000
Average Asking Price: $10,120,455
Median Asking Price: $6,562,500
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:220
*Condop is a co-op with condo rules.

TO VIEW 21 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/1311283c4e4e52.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/131128208fab13.htm

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook