OLSHAN LUXURY MARKET REPORT

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December 9-15, 2013

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

48 Contracts Signed

My first reaction was: Is this possible? As the initial reports of contracts signed started hitting my desk last week, I couldn’t believe my eyes: An extraordinary total of 48 properties had contracts signed at $4 million and above. Then I realized that many must have been signed much earlier. Sure enough, as I drilled deeper into the stats, it turned out that I was right. Most of the activity was centered in the Greenwich Lane, a 5-building condo complex being developed on the former St. Vincent’s Hospital site in the heart of Greenwich Village by the Rudin Organization. Sales started in October, and over the weekend, the sales office reported an accumulation of results: 30 contracts had been signed at $4 million and above, with average asking prices of $3,193/sq.ft, representing approximately $205 million in volume.

The No.1 contract, however, was not among the properties in the Greenwich Lane. It was Penthouse IV at 293 Lafayette Street, asking $27.5 million. First reported in the Wall Street Journal at the end of November, the sale was finally confirmed last week by the marketing office. This 5,919 square-foot unit is in the Puck Penthouses condo, an 1885 cast iron commercial loft-style building. The Kushner Company is developing the top 3 floors (8,9,10) into 6 condo penthouses. Penthouse IV has 3 bedrooms, a staff room, 5.5 baths, and terraces totaling 2,027 square feet that can be accessed from the living room and gallery. The living room has a gas fireplace, and the ceiling height is approximately 13 feet. The condo itself has a private residential entrance with an elegant lobby attended by a 24-hour concierge. The architecture features columns, exposed beams, and barrel-vaulted ceilings. Units have climate-controlled wine rooms, and kitchens are outfitted with La Cornue ranges. The master bedroom has his and her dressing rooms with TVs built into the medicine cabinet mirrors. Units range from 4,895 to 7,000 square feet with prices from $21 million to $60 million.

The No. 2 contract of the week was Apartment 2101 at 60 Riverside Boulevard, asking $15.9 million. This 12-room duplex in the Aldyn Condominium faces the Hudson River. It has 6 bedrooms, 8.5 bathrooms, and 5,641 square feet. The wow factor is the 3,600-square- foot terrace with a 15’ x 37’ private pool and a separate spa tub. The Aldyn has a 40,000- square-foot amenity space that includes a 75-foot swimming pool, jacuzzi, a huge fitness center, squash court, a full-sized basketball court, bowling alley, yoga/pilates rooms, children’s playroom, and a rock-climbing wall. Oh, I forgot to mention the café. No kidding.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 9-15, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

0

Avg.Asking:$5,480,000

3

Condos

1

4

1

37

Avg.Asking:$7,549,186
Avg.$/sq.ft.: $3,114/sq.ft.
Avg.Size: 2,424sq.ft.

43

Condops *

0

0

0

0



0

Townhouses

0

0

0

2

Avg.Asking:$9,625,000
Avg.$/sq.ft.:$2,259/sq.ft.
Avg.Size: 4,260sq.ft.

2

Totals

4

4

1

39

48

Total Weekly Asking Price Sales Volume: $360,335,000
Average Asking Price: $7,506,979
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:110
*Condop is a co-op with condo rules.

TO VIEW 46 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/140213d2090f89.htm
http://media.realplusonline.com/webreports/140213e1c021f3.htm
http://media.realplusonline.com/webreports/140213af476d51.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/14021329953784.htm

Donna Olshan
President
dso@olshan.com

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

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