OLSHAN LUXURY MARKET REPORT

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December 2-8, 2013

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

28 Contracts Signed

Tis the season for some serious shopping, and I am not talking about the sales at Bloomingdales and Saks. Even Santa would be impressed by what’s going on in the Manhattan luxury real estate market: 28 contracts were signed last week at $4 million and above, with 7 sales above $10 million. Now that’s what I call real shopping!

The No.1 contract was 25 East 22nd Street, asking $29,995,000. It is a 6-story, 33-foot-wide commercial townhouse with 19,800 square feet that was purchased in 2004 for $9.3 million by David Chu, founder of Nautica. He expanded and extensively renovated the house into handsome offices.

The No. 2 contract was 14A at 21 East 61st Street, asking $24.5 million for a 9-room unit that features 4 bedrooms, a library, and 5.5 bathrooms. It has 4,699 square feet and 3 terraces that total 1,051 square feet and can be accessed from the living room, library, and master bedroom. The apartment is in the Carlton House, a 16-story building that was built as a hotel in 1950, and is being converted into a 69-unit condop by Extell Development. (A condop is a co-op with condo rules.) Amenities include concierge, doorman, a fitness center with a swimming pool, and bike and storage facilities. Many of the units have terraces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 2-8, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

0

3

Avg.Asking:$8,278,900

10

Condos

3

1

3

6

Avg.Asking:$6,232,692
Avg.$/sq.ft.:$2,585/sq.ft.
Avg.Size:2,612sq.ft.

13

Condops *

2

0

0

0

Avg.Asking:$16,250,000
Avg.$/sq.ft.:$4,551/sq.ft.
Avg.Size:3,571sq.ft.

2

Townhouses

0

0

0

3

Avg.Asking:$17,148,333
Avg.$/sq.ft.:$1,431/sq.ft.
Avg.Size:11,987sq.ft.

3

Totals

9

4

3

12

28

Total Weekly Asking Price Sales Volume: $246,514,000
Average Asking Price: $8,804,071
Median Asking Price: $6,782,500
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:187
*Condop is a co-op with condo rules.

TO VIEW 25 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/1402070238418c.htm


TO VIEW 3 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/140206cecbe5a2.htm

Donna Olshan
President
dso@olshan.com

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

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