OLSHAN LUXURY MARKET REPORT

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November 4-10, 2013

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

22 Contracts Signed

As we head into the holiday season, 22 contracts were signed last week at $4 million and above. It’s an unpredictable time of year in the Manhattan luxury real estate market, and so don’t be surprised if there are wide swings in sales in the weeks ahead, largely because potential foreign buyers are coming to town to delight in our festive city sidewalks.

The No.1 contract was a brownstone at 42 West 12th Street, asking $28 million after being purchased in 2009 for $15,075,000. The 6-story, 21-foot-wide house has an elevator and 8,300 square feet that includes 7 bedrooms, 7.5 bathrooms, 7 fireplaces, and 5 terraces that total 2,000 square feet. The house, designed by architect Steven Harris, has a gym in the basement and a solarium on the roof flanked by 2 terraces, one of which has a Japanese soaking tub.

The No. 2 contract was Apartment 43 at 20 West 53rd Street, asking $20,250,000, a price that was raised by $500,000 from when it started on the market in April. The unit has 4,545 square feet with 4 bedrooms and 4.5 baths. It was sold off of floorplans in the new Baccarat Hotel & Residences, a 50-story building with 61 condos and 114 hotel rooms designed by Skidmore Owens and Merrill with interiors by Tony Ingrao. It is being built by Starwood Capital Group and Tribeca Associates on the former site of the Donnell Library.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 4-10, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

0

0

Avg.Asking:$7,939,000

5

Condos

1

1

4

6

Avg.Asking:$7,206,667
Avg.$/sq.ft.:$2,597/sq.ft.
Avg. Size: 2,775sq.ft.

12

Condops *

1

0

0

0

Avg.Asking:$4,550,000
Avg.$/sq.ft.:$3,173/sq.ft.
Avg.Size: 1,434sq.ft.

1

Townhouses

2

1

0

1

Avg.Asking:$11,461,250
Avg.$/sq.ft.:$1,883/sq.ft.
Avg.Size:6,086sq.ft.

4

Totals

7

4

4

7

22

Total Weekly Asking Price Sales Volume: $176,570,000
Average Asking Price: $8,025,909
Median Asking Price: $5,475,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:213
*Condop is a co-op with condo rules.

TO VIEW 18 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/140109d27849f4.htm


TO VIEW 4 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/140109ffeb080f.htm

Donna Olshan
President
dso@olshan.com

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

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