OLSHAN LUXURY MARKET REPORT

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February 10-16, 2014

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

23 Contracts Signed

CNBC has nicknamed the current business climate “frozenomics,” but it didn’t freeze last week’s Manhattan luxury real estate market: 23 contracts were signed at $4 million and above. Condos outsold co-ops 15 to 8.

The No.1 contract was 27C at 15 Central Park West, asking $25 million. This 3-bedroom, 3.5-bath unit has 2,761 square feet. The living room, formal dining room, and 2nd bedroom or library face Central Park. The asking price translates to $9,055/sq.ft. Many consider 15 Central Park the finest condo in New York. This limestone structure designed by Robert A.M. Stern has a host of amenities, including a 14,000–square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was 5A at 1 Sutton Place South, asking $14 million reduced from $18 million when it went on the market 13 months ago. It is a 14-room co-op with 6 bedrooms, 4.5 baths, and 3 fireplaces. A library and a 41-foot living room with 3 juliet balconies face the East River.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 10-16, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

1

0

1

Avg.Asking: $6,012,500

8

Condos

2

4

2

7

Avg.Asking:$7,693,593
Avg.$/sq.ft.:$2,645/sq.ft.
Avg.Size:2,909sq.ft.

15

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

8

5

2

8

23

Total Weekly Asking Price Sales Volume: $163,503,900
Average Asking Price: $7,108,865
Median Asking Price: $5,650,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:138
*Condop is a co-op with condo rules.

TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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