OLSHAN LUXURY MARKET REPORT

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March 3-9, 2014

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

23 Contracts Signed

It was an old fashion solid week in the Manhattan luxury market: 23 contracts were signed at $4 million and above, including 15 condos, 7 co-ops, and 1 townhouse. More than half of the action was downtown.

The No.1 contract: was PH6West at 155 West 11th Street, asking $16,250,000. The 5-bedroom, 5.5-bathroom unit has 3,740 square feet and a terrace. Common charges and real estate taxes total $13,514. PH6W was sold off of floorplans in the new Greenwich Lane, a 5-building condo complex being developed on the former St. Vincent’s Hospital site in the heart of Greenwich Village by the Rudin Organization. Sales started in October, and the developer is reporting more than 50% sold, averaging $3,116/sq.ft.. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage.

The No. 2 contract was 5N at 88 Central Park West, asking $12.5 million, reduced from $14.5 million when it went on the market in October 2012. This 3-bedroom, 3-5 bath duplex co-op features Park views from the living room and master bedroom. The dining room has been opened to the living room to capture the view as well.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 3-9, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

1

Avg.Asking: $8,514, 143

7

Condos

1

1

1

12

Avg.Asking:$6,247,000
Avg.$/sq.ft.:$2,658/sq.ft.
Avg.Sq.Ft.:2,350sq.ft.

15

Condops *

0

0

0

0



0

Townhouses

1

0

0

0

Avg.Asking:$6,500,000
Avg.$/sq.ft.:$1,621/sq.ft.
Avg.Sq.Ft.: 4,011sq.ft.

1

Totals

5

3

2

13

23

Total Weekly Asking Price Sales Volume: $159,804000
Average Asking Price: $6,948,000
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:172
*Condop is a co-op with condo rules.

TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 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/140508e344f5f6.htm

Donna Olshan
President
dso@olshan.com

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

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