OLSHAN LUXURY MARKET REPORT

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March 10-16, 2014

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

25 Contracts Signed

In a rare event in the luxury Manhattan real estate market at $4 million and above, there was a tie for first place with contracts signed at the same price. Each was a prewar co-op asking $16.5 million.

The tie was between a duplex apartment 20/21 at the River House, 435 East 52nd Street, and the other: 10E at 960 Park Avenue. The River House is the more interesting of the 2 apartments. Built in 1931, it is one of the most beautiful residential properties in Manhattan. It sits on the East River offering water views, lushly landscaped English gardens, and a baronial entrance flanked by large gates leading to a motor court. Unfortunately, River House has spent decades under a cloud of a very difficult co-op board that forced many units to remain on the market even at bargain prices. Other problems included the December expiration of the lease of the exclusive River Club that paid rent to the co-op, and popular new condos in downtown locations became the new hot trend. As a result, the co-op board recently began changing policies and direction: They hired a public relations firm, and negotiated a sale of the River Club for $45 million. The units in the building have started selling again, albeit at lower prices, attracting buyers like actress Uma Thurman, who were tipped to the changing face of the co-op board .

Unit 20/21 at the River House is located in the tower, with its $16.5 million asking price having been reduced by $9 million when it went on the market in February 2013. This spectacular 16-room duplex has 5 bedrooms, 6.5 bathrooms, and 4 fireplaces, and offers sweeping river views. The monthly maintenance is $17,138. It has not traded owners in 50 years.

Apartment 10E at 960 Park Avenue, also asking $16.5 million, was reduced from $18 million when it went on the market last September. It has 12 rooms including 5 bedrooms and 5 bathrooms. The unit features a 23-foot entrance gallery, a fireplace in the living room, and over 80 feet of frontage overlooking Park Avenue. The monthly maintenance is $7,305.

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

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

0

0

0

Avg.Asking:$11,262,500

6

Condos

6

0

1

9

Avg.Asking:$7,569,063
Avg.$/sq.ft.:$2,620/sq.ft.
Avg.Size:2,900sq.ft.

16

Condops *

0

0

0

0



0

Townhouses

1

1

0

1

Avg.Asking:$10,456,667
Avg.$/sq.ft.:$1,761/sq.ft.
Avg.Size:5,937sq.ft.

3

Totals

13

1

1

10

25

Total Weekly Asking Price Sales Volume: $220,050,000
Average Asking Price: $8,826,000
Median Asking Price: $8,350,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:211
*Condop is a co-op with condo rules.

TO VIEW 22 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/14051584b3b36e.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/140515c1d7ef36.htm

Donna Olshan
President
dso@olshan.com

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

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