OLSHAN LUXURY MARKET REPORT

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November 25-December 1, 2013

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

12 Contracts Signed

As you can imagine, Thanksgiving carved up last week’s activity in Manhattan’s real estate market. Only a dozen contracts were signed at $4 million and above.

The No.1 contract was a tie between 2 units, both asking $12,250,000: 5N at 995 Fifth Avenue and 12CD at 212 West 18th Street. Apartment 5N has 4 bedrooms and 4.5 bathrooms with 4,118 square feet in the former site of the Stanhope Hotel. It was converted into a condop (a co-op with condo rules) in 2008, when 5N closed for $12,791,006. The living room in 5N faces Central Park, while the rest of the unit faces north onto 81st Street.

The other No. 1, Apartment 12CD at 212 West 18th Street, has 3,838 square feet and is configured as 4 bedrooms and 4.5 baths in Walker Tower, the original Art Deco headquarters of New York Telephone that was transformed into a condo with some of the highest quality finishes ever seen in new construction in Manhattan.

The No. 2 contract was a federal townhouse at 62 West 12th Street, asking $10.5 million, reduced by $750,000 from when it went on the market in June. This 19-foot wide, 3-story house, built in 1839, has 4 bedrooms, 4.5 baths, and 3,745 square feet. It was purchased in 2007 for $8 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 25-December 1, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

0

0

Avg.Asking:$6,043,000

4

Condos

0

1

1

3

Avg.Asking:$7,015,000
Avg.$/sq.ft.:$2,458/sq.ft.
Avg.Size:2,853sq.ft.

5

Condops *

1

0

0

0

Avg.Asking:$12,250,000
Avg.$/sq.ft.:$2,975/sq.ft.
Avg.Size:4,118sq.ft.

1

Townhouses

0

0

0

2

Avg.Asking:$9,375,000
Avg.$/sq.ft.:$2,343/sq.ft.
Avg.Size:4,001sq.ft.

2

Totals

5

1

1

5

12

Total Weekly Asking Price Sales Volume: $90,247,000
Average Asking Price: $7,520,583
Median Asking Price: $6,375,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:207
*Condop is a co-op with condo rules.

TO VIEW 10 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/1401308844e5e2.htm


TO VIEW 2 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/1401302f4f148d.htm

Donna Olshan
President
dso@olshan.com

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

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