OLSHAN LUXURY MARKET REPORT

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March 17-23, 2014

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

34 Contracts Signed

There were plenty of upsets in the NCAA basketball tournament last week, but it was smooth sailing in Manhattan’s luxury real estate market: 34 contracts were signed at $4 million and above. Condos outsold co-ops 23 to 7, and 4 townhouses were in the mix. More than half of the action was downtown.

The No.1 contract was the childhood home of Gloria Vanderbilt: 39 East 72nd Street, a 13, 310-square-foot townhouse, asking $21.5 million. On and off the market since 2005, switching representation among multiple brokerage firms, this 27-foot-wide, 5-story house is residentially-zoned despite commercial leases for a doctor’s office and 6 art galleries. According to the listing brokers, the 9-year-marketing time was due to the fact that the owners rarely allowed the spaces to be shown. It’s hard to sell what you can’t show. The asking price translates to $1,615/sq.ft with real estate taxes of $185,775.

The No. 2 contract was 11 Hubert Street, asking $16 million for a 50-foot-wide building with 14,000 square feet. It was purchased in 2008 for $9.25 million and then renovated. It is currently configured as 2 ground-floor offices and 2 duplex apartments that feature high ceilings and large terraces.

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

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

1

1

Avg.Asking:$6,527,143

7

Condos

5

3

1

14

Avg.Asking:$7,685,000
Avg.$/sq.ft.:$2,515/sq.ft.
Avg.Size: 3,056sq.ft.

23

Condops *

0

0

0

0



0

Townhouses

1

1

1

1

Avg.Asking:$12,685,000
Avg.$/sq.ft.:$1,329/sq.ft.
Avg.Sq.ft.:9,546sq.ft.

4

Totals

11

4

3

16

34

Total Weekly Asking Price Sales Volume: $274,085,000
Average Asking Price: $8,061,324
Median Asking Price: $6,472,500
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:224
*Condop is a co-op with condo rules.

TO VIEW 30 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/14052293741317.htm
http://media.realplusonline.com/webreports/140522d0e413bb.htm

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/1405226fc82d76.htm

Donna Olshan
President
dso@olshan.com

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

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