OLSHAN LUXURY MARKET REPORT

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February 17-23, 2014

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

19 Contracts Signed

For the first time since May 2012, we have a tie in the Manhattan Luxury Real Estate Market: 8 co-ops and 8 condos went to contract last week asking $4 million and above. There were 3 townhouses in the mix. Nine of the properties had asking prices at $10 million and above.

The No.1 contract was the top 4 floors of 23 East 22nd Street, also known as One Madison Square Park, asking $57.25 million and purchased by media mogul Rupert Murdoch. The units are on the 57th thru 60th floors, which total 10,160 square feet and are being delivered raw, meaning that Mr. Murdoch will be responsible for finishing the interiors. The penthouse has a double-height living room with floor-to-ceiling windows that showcase extraordinary 360-degree views. One Madison is a slender, glass box condo that soars 600 feet and fell into foreclosure in 2010 after closing on 12 units. In the fall of 2011, a partnership between HFZ Capital and Related purchased the building in a package valued at $265 to $270 million. The developers hired Yabu Pushelberg to design the interiors of the remaining 53 units and opened for sale in September 2013. The developers claim they have 8 units still for sale, and prices average well over $4,000/sq.ft..

The No. 2 contract was 10/11N and 10W at 88 Central Park West, asking $21.5 million. This unit is a duplex and simplex offered for sale by the same owner. The units can be combined, subject to co-op board approval. The living room and master bedroom of the duplex provide 48 feet of frontage overlooking Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 17-23, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

1

0

Avg.Asking:$8,376,875

8

Condos

1

1

0

6

Avg.Asking:$14,585,625
Avg.$/sq.ft.:$4,263/sq.ft.
Avg.Size:3,421sq.ft.

8

Condops *

0

0

0

0



0

Townhouses

3

0

0

0

Avg.Asking:$13,166,667
Avg.$/sq.ft.:$1,962/sq.ft.
Avg.Size:6,709sq.ft.

3

Totals

8

4

1

6

19

Total Weekly Asking Price Sales Volume: $223,200,000
Average Asking Price: $11,747,368
Median Asking Price: $8,495,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:149
*Condop is a co-op with condo rules.

TO VIEW 16 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/1404248b7eed2c.htm


TO VIEW 3 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/140424f392e52b.htm

Donna Olshan
President
dso@olshan.com

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

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