OLSHAN LUXURY MARKET REPORT

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2013 END OF THE YEAR REPORT

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

Eight contracts were signed last week at $4 million and above, wrapping up the biggest year in the Manhattan luxury real estate market since we started keeping track in 2007. Year to date, 1,372 properties had contracts signed at $4 million and above, totaling almost $10.9 billion in sales. This was a 70% increase in total contracts over last year. 2013 will also be remembered for new construction: 38% of all the luxury apartment sales were sold off of floorplans in new condos (no new co-ops were being built). Many of the condos will not be completed for at least another 18 months. Once again, condos outsold co-ops, this time by a 3-to-1 margin. Meanwhile, there was a 10% increase in the number of townhouse contracts. One more interesting stat: 49% of all contracts were downtown.

The No. 1 contract of the year was a penthouse at 212 West 18th Street (Walker Tower), asking $55 million. The unit has 5,955 square feet including 5 bedrooms, 5.5 bathrooms, and 3 fireplaces. A dramatic space, it has views on all sides, coffered ceilings, and windows that are nearly 13-feet tall. There is a terrace spanning over 45 feet off the living room and dining room. Walker Tower is 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 herringbone floors have radiant heat throughout, while kitchens are outfitted with Smallbone Devizes cabinets, marble and limestone countertops, and an ultra-luxury appliance package. All bathrooms have custom-marble details and Waterworks fittings. One unique feature of the building is a built-in humidification system, the same system that is used in museums. Amenities also include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

The No. 2 contract of the year was Penthouse 60 at 56 Leonard Street, asking $47 million. This duplex has 7,799 square feet and terraces that total another 1,200 square feet. It features a 60-foot great room with 19-foot ceilings and massive windows that showcase views of the city, the Statue of Liberty, and the Hudson River. 56 Leonard Street is a 60-story, 145-unit condo that started sales in 2008 and closed up shop when the financial crisis hit. Sales resumed in February, and the condo is almost sold-out. The building is designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
2013 END OF THE YEAR REPORT
January 1-December 29, 2013
Contracts Signed: 1,372

East

West

Midtown

Downtown

Asking $/sq.ft.

2013
Totals

Apts.
$4 million +

375

163

93

611

Avg. Asking Co-op Price: $6,757,788

Avg. Asking Condo Price: $7,719,542
Avg. Condo $/sq.ft.: $2,766/sq.ft.
Avg. Condo Size: 2,814 sq.ft.

Avg. Asking Condop Price: $8,431,143
Avg. Condop $/sq.ft.: $3,252/sq.ft.
Avg. Condop Size: 2,647sq.ft.

1,242

Townhouses

44

19

9

58

Avg. Townhouse Asking: $9,514,252
Avg. Price: $/sq..ft.:$1,750/sq.ft.
Avg. Size:5,553 sq..ft.

130

Totals

419

182

102

669

1,372

*condop is a co-op with condo rules
Note: 432 Park and 157 West 57th Street contracts are not included in the totals above because the developers did not report their sales to Streeteasy or the Real Estate Board of New York (REBNY) Listing Service.

2013 Total Contract Sales Volume: $10,854,826,824
Average Asking Price: $7,851,514
Median Asking Price: $6,366,072
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 172


NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 23-29, 2013
Contracts Signed: 8

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

0

Avg. Price: $7,600,000

1

Condos

2

1

0

3

Avg. Price: $6,135,833
Avg. Price: $2,626/ sq..ft.
Avg. Size: 2,336 sq..ft.

6

Condops *

0

0

0

0



0

Townhouses

1

0

0

0

Avg. Ask: $15,000,000
Avg. Price: $3,255/sq..ft.
Avg. Size:$ 4,608sq..ft.

1

Totals

4

1

0

3

8

Total Weekly Asking Price Sales Volume: $59,315,000
Average Asking Price: $7,432,222
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:140
*Condop is a co-op with condo rules.

The Top 2 Sales of 2013:
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/140228a9d52287.htm

TO VIEW 7 CONTRACTS SIGNED ON APARTMENTS Dec 23-Dec 29, 2013:
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http://media.realplusonline.com/webreports/1402279d2221fd.htm

TO VIEW 1 CONTRACT SIGNED ON TOWNHOUSES Dec 23-Dec 29, 2013:
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/1402274dc124e9.htm

Donna Olshan
President
dso@olshan.com

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

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