OLSHAN LUXURY MARKET REPORT

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January 27-February 2, 2014

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

27 Contracts Signed

Super Bowl week turned out some super-sized sales including the most expensive townhouse ever sold in Manhattan: 19 East 64th Street, which went to contract for over $90 million.

19 East 64th Street is a Beaux Arts 41-foot-wide-limestone building that was sold to the government of Qatar to use as a consulate. It was built in 1931 as an art gallery for the Wildenstein family, international art dealers. The 5-story house has 18,860 square feet with a façade detailed with limestone carvings, interiors with double-height ceilings and gilded-wood paneling. The family has been embroiled in lawsuits in France, including one involving an estate within the Wildenstein family, and others that include allegations of tax evasion, money-laundering, and missing and stolen art. The sale to Qatar will result in a loss of $396,796 in annual real estate taxes to New York City because foreign governments do not pay real estate taxes.

The No. 2 contract was PHSN at 155 Franklin Street, asking $19.950 million reduced from $21.5 million when it went on the market last May. It is 2 separate duplex condos that together total 8,018 square feet. They are being sold by Lord of The Rings director Peter Jackson. The units have 12-foot ceilings and over 6,000-square feet of wraparound terraces. PHSN comes with an architect’s plan for combining the units.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 27-February 2, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

3

0

1

Avg.Asking:$7,861,667

6

Condos

3

6

0

8

Avg.Asking:$6,695,588
Avg.$/sq.ft.:$2,350/sq.ft.
Avg.Size:2,850sq.ft.

17

Condops *

0

0

0

0



0

Townhouses

3

1

0

0

Avg.Asking:$35,812,500
Avg.$/sq.ft.:$3,211/sq.ft.
Avg.Size;11,512sq.ft.

4

Totals

8

10

0

9

27

Total Weekly Asking Price Sales Volume: $303,885,000
Average Asking Price: $11,255,000
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:142
*Condop is a co-op with condo rules.

TO VIEW 23 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:
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TO VIEW 4 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/1404036449b0ea.htm

Donna Olshan
President
dso@olshan.com

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

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