OLSHAN LUXURY MARKET REPORT

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October 14-20, 2013

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

31 Contracts Signed

The government shutdown ended last week and so did the dip in Manhattan’s luxury real estate market. Thirty-one contracts were signed at $4 million and above, more than double the previous week’s total of 14.

The No.1 contract was 10E at 11 East 68th Street, asking $22 million. This 5-bedroom, 4.5-bathroom, 4,596-square-foot apartment was sold off of floorplans in the Marquand, a 1913 building that is being transformed from a rental into a 25- to 30-unit condo. The apartment features a 27-foot entrance gallery, 10-foot ceilings, and a living room and 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 very high quality construction. Amenities include a concierge, fitness center, and children’s room.

Three apartments asking $13.5 million each tied for the No. 2 contract of the week: 8/9A at 941 Park and PHN and PHS at 11 North Moore. 941 Park is a 14-room co-op with 5 bedrooms, 4 bathrooms, and a fireplace. 11 North Moore is a new 16–unit condo building that opened last week, and each penthouse has over 3,400 square feet, including 7 bedrooms, 8 bathrooms, and 11-foot ceilings.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 14-20, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

4

2

0

Avg.jAsking:$6,703,864

11

Condos

3

3

2

11

Avg.Asking:$7,668,158
Avg.$/sq.ft.:$2,747/sq.ft.
Avg.Size:2,791sq.ft.

19

Condops *

1

0

0

0

Avg.Asking:$9,400,000
Avg.$/sq.ft.:$4,043/sq.ft.
Avg.Size:2,325sq.ft.

1

Townhouses

0

0

0

0



0

Totals

9

7

4

11

31

Total Weekly Asking Price Sales Volume: $228,837,500
Average Asking Price: $7,381,855
Median Asking Price: $6,280,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:93
*Condop is a co-op with condo rules.

TO VIEW 31 CONTRACTS SIGNED ON APARTMENTS:
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http://media.realplusonline.com/webreports/13121959f01516.htm

TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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