OLSHAN LUXURY MARKET REPORT

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January 6-12, 2014

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

29 Contracts Signed

Now that the holiday season is over, it is not terribly surprising that sales spiked last week: 29 contracts were signed at $4 million and above, 11 more than the 2 weeks from December 23 to January 5. Two sales were above $25 million.

The No.1 contract was 64CE at 25 Columbus Circle, asking $29,975,000, reduced from $40 million when it went on the market in November 2012. This is a 5-bedroom condo with 4,375 square feet in the Time Warner Center that translates to an asking price of $6,851/square foot. The unit has a 40-foot living room and a 29-foot master bedroom facing Central Park. It was purchased in 2006 for $22.5 million.

The No. 2 contract was a combination of units 50 West and 50 East at 56 Leonard, asking $28.75 million. When the units are combined, they will total 6,947 square feet with a potential for 8 bedrooms with 12-foot ceilings, 9 bathrooms, and 6 balcony/terraces totaling 935 square feet. 56 Leonard is a 60-story, 145-unit condo that has been one of the biggest hits since last February, when it started selling units off of floorplans averaging $2,999/sq.ft.. It is now 93% sold, but will not be completed for another year. The winning formula is a Tribeca location with sweeping views and a fantastic cutting-edge design by the Pritzker Prize-winning team of Herzog & de Meuron.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 6-12, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

1

2

Avg.Asking:$8,602,500

6

Condos

2

5

2

11

Avg.Asking:$8,734,500
Avg.$/sq.ft.:$2,964/sq.ft.
Avg.Size:2,947sq.ft.

20

Condops *

1

0

0

0

Avg.Asking:$9,300,000
Avg.$/sq.ft.:$4,182/sq.ft.
Avg.Size:2,224sq.ft.

1

Townhouses

1

0

0

1

Avg.Asking:$8,847,500
Avg.$/sq.ft.:$2,366/sq.ft.
Avg.Size:3,740sq.ft.

2

Totals

7

5

3

14

29

Total Weekly Asking Price Sales Volume: $253,300,000
Average Asking Price: $8,734,483
Median Asking Price: $7,495,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:222
*Condop is a co-op with condo rules.

TO VIEW 27 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/140313e15dcd1d.htm
http://media.realplusonline.com/webreports/14031342af4c3f.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/1403136c414116.htm

Donna Olshan
President
dso@olshan.com

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

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