OLSHAN LUXURY MARKET REPORT

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October 7-13, 2013

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

14 Contracts Signed

The Federal government is still shut down, and things could look a little brighter in luxury land. Only 14 contracts were signed last week at $4 million and above, but we can take some comfort in the fact that 3 were signed in the $27-$29.5 million range.

The No.1 and No. 2 contracts of the week were at 56 Leonard, PH57 and PH55, asking $29.5 million and $27.5 million, respectively. Both units have 4 bedrooms and 4.5 bathrooms, and were sold off of floorplans. The $2 million difference in price is reflected in the square footage and outdoor space. PH 57 has 5,252 square feet compared to 5,186 square feet in PH55. In PH57, there is a balcony off the master, and 2 terraces including one that spans 52 feet. PH55 also has a balcony off the master but a smaller terrace. 56 Leonard is a 60-story, 145-unit condo that has been one of the biggest hits of the year; it is over 90% sold. The winning formula is a Tribeca location with sweeping views and a fantastic cutting-edge design by the Pritzker Prize-winning team of Herzog & de Meuron. Prices averaged $2,982/sq.ft..

Actually, there was a tie for the No. 2 spot of the week: 14B at 21 East 61st Street, also asking $27.5 million. This 4-bedroom, 5.5-bathroom unit has 4,762 square feet and 3 terraces. It is in the former Carlton House which is being converted from a rental to a condop by Extell Development. A condop is a co-op with condo rules.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 7-13, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

0

0

Avg.Asking:$5,225,000

2

Condos

1

0

2

7

Avg.Asking:$10,829,500
Avg.$/sq.ft.:$3,562/sq.ft.
Avg.Size:3,041sq.ft.

10

Condops *

1

0

0

0

Avg.Asking:$27,500,000
Avg.$/sq.ft.:$5,775/sq.ft.
Avg.Size:4,762sq.ft.

1

Townhouses

0

0

0

1

Avg.Asking:$4,995,000
Avg.$/sq.ft.:$1,411/sq.ft.
Avg.Size:3,540sq.ft.

1

Totals

3

1

2

8

14

Total Weekly Asking Price Sales Volume: $151,240,000
Average Asking Price: $10,802,857
Median Asking Price: $6,747,500
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:134
*Condop is a co-op with condo rules.

TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS:
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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/131212320cdeb9.htm

Donna Olshan
President
dso@olshan.com

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

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