OLSHAN LUXURY MARKET REPORT

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December 16-22, 2013

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

72 Contracts Signed

For the second week in a row, it would seem that we are in the midst of yet another Santa Claus rally in the Manhattan luxury real estate market, with 72 contracts signed at $4 million and above, a record since we started keeping track in 2007. What’s going on here? Well, once again after drilling into the stats, the real story emerged: 45 of the 72 contracts were signed by buyers at 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 the sales office reported an accumulation of results. All in all, the 2-week total of 75 contracts signed at $4 million and above at the Greenwich Lane represented an average asking price of $3,213/sq.ft, which translated into $547 million in volume.

The No.1 contract was the Penthouse at 145 West 11th Street, asking $25 million. This duplex on the 9th and 10th floors in the Greenwich Lane condo has 4,327 square feet. The bottom floor is configured as 2 bedrooms, plus a library/3rd bedroom with a fireplace. A combined living room and dining room spans 48 feet, and is flanked by 2 small terraces. Upstairs is a small landing with a wet bar, powder room, and another terrace measuring 1,272 square feet. Amenities in the condo include doorman, concierge, health club, a 25-meter pool, garage, and storage.

The No. 2 contract was Penthouse 5 at 50 Riverside Boulevard, asking $21 million. This new condo is also known as One Riverside Park and is being developed by Extell. Like Greenwich Lane, sales are being made off of floorplans, and the building will not be completed until the end of 2015 or later. Penthouse 5 has 6,168 square feet including 6 bedrooms and 8.5 bathrooms. The living room, formal dining room, eat-in kitchen, and master bedroom face the Hudson River. This 35-story, 219-unit condo opened for sale over a month ago and is reporting 67 contracts signed (averaging 1,762/sq.ft.) including 7 above $4 million (averaging $2,577/sq.ft). The building has an extraordinary package of amenities, plus the use of next door’s Aldyn condominium’s 40,000-square-foot-space that includes a health club, pool, full-sized basketball court, squash court, 2-lane bowling alley, and a rock- climbing wall.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 16-22, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

2

1

Avg.Asking:$6,998,571

7

Condos

1

11

0

50

Avg.Asking:$8,059,597
Avg.$/Sq.Ft.: $3,204/sq.ft.
Avg.Size:2,515sq.ft.

62

Condops *

1

0

0

0

Avg.Asking:$13,500,000
Avg.$/sq.ft.:$3,599/sq.ft.
Avg.Size: 3,751sq.ft.

1

Townhouses

1

0

0

1

Avg.Asking:$7,000,000
Avg.$/sq.ft.:$1,601/sq.ft.
Avg.Size:4,372sq.ft.

2

Totals

5

13

2

52

72

Total Weekly Asking Price Sales Volume: $576,185,000
Average Asking Price: $8,002,569
Median Asking Price: $6,940,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:82
*Condop is a co-op with condo rules.

TO VIEW 70 CONTRACTS SIGNED ON APARTMENTS:
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http://media.realplusonline.com/webreports/1402206287aea3.htm
http://media.realplusonline.com/webreports/140220ffa5d780.htm

TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES:
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http://media.realplusonline.com/webreports/1402203ca02668.htm

Donna Olshan
President
dso@olshan.com

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

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