OLSHAN LUXURY MARKET REPORT

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March 24-30, 2014

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

43 Contracts Signed

The Manhattan luxury market at $4 million and above finished the first quarter with a 13% decline in the number of contracts signed over the same period last year. The flip side is that the average asking price increased by 9%. Why? Inventory in all categories is at a record all-time low. Last year at this time, there was considerably more inventory including 2 new large condo buildings at 150 Charles Street and 56 Leonard with a combined total of 236 units that sold out quickly. The landscape now is experiencing a flurry of new boutique buildings currently under construction, the majority of which offer less than 10 units. As for new high-rise buildings, many of which are in the planning stages, they seem to be heavily concentrated in the midtown corridor.

Of the 43 contracts signed last week, the No. 1 slot went to 21B at 10 Madison Square West, asking $15.5 million. This 4-bedroom, 4.5-bathroom unit has 3,238 square feet, and is perched on the southeast corner of this new condo. A 42 x 24-foot living room opens to a terrace that features sweeping views of Madison Square Park. 10 Madison Square West has the same developer (Witkoff) who built 150 Charles, and the building has been a hit: Only 8 of 125 units are left, with prices ranging from $4.9 to $37 million. The building has a concierge, fitness center, a 60-foot pool, and a children’s playroom.

The No. 2 contract was 20DEF at 200 Central Park South, asking $14,975,000. This 4-bedroom, 4.5-bathroom co-op has 57-feet of frontage on Central Park, and features a large balcony. The unit has an eat-in kitchen and a gym, and is in very good condition.

Contracts Signed $4 million and Above
January 1-March 30, 2014

First Quarter

2014

2013

# of Contracts at $4 million and above

317

366

# of Contracts at $4 million and above Sold Off of Floorplans

96

143

# of Contracts at $10 million and above

74

67

Total Volume of Contracts at $4 million and above

$2,647,828,800

$2,805,748,000

Average Sales Price

$8,271,242

$7,567,841

Median Sales Price

$6,670,769

$6,493,635

% of Price Drop from Original Ask until Contract Signed

4%

4%

Number of Days on Market

179

214

Avg. Co-op Asking Price

$7,444,966

$6,784,824

Avg. Condo Asking Price

$8,092,180

$7,727,410

Avg. Condo Asking $/sq.ft.

$2,760/sq.ft.

$2,681/sq.ft.

Avg. Condo Size

$2,923 sq.ft.

2,877 sq.ft.

Avg. Townhouse Asking Price

$11,983,004

$7,843,361

Avg. Townhouse Asking $/sq.ft.

$1,805/sq.ft.

$1,687/sq.ft.

Avg. Townhouse Size

6,562 sq.ft.

4,668 sq.ft.

Number of Co-ops

68

73

Number of Condos

214

253

Number of Townhouses

32

36

Number of Condops

3

4

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 24-30, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

2

0

Avg. Asking: $7,381,250

4

Condos

5

5

3

23

Avg.Asking:$7,011,286
Avg.$/sq.ft.:$2,658/sq.ft.
Avg.sq.ft.:2,638sq.ft.

36

Condops *

1

0

0

0

Avg.Asking:$4,850,000
Avg.$/sq.ft.:$3,382/sq.ft.
Avg.sq.ft.:1,434sq.ft.

1

Townhouses

2

0

0

0

Avg.Asking:$6,850,000
Avg.$/sq.ft.:$830/sq.ft
Avg.Sq.Ft.: 8,257sq.ft.

2

Totals

10

5

5

23

43

Total Weekly Asking Price Sales Volume: $298,065,000
Average Asking Price: $6,931,744
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:141
*Condop is a co-op with condo rules.

TO VIEW 41 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/140529d4662e65.htm
http://media.realplusonline.com/webreports/140529758e5fa3.htm

TO VIEW 2 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/14052966569cd0.htm

Donna Olshan
President
dso@olshan.com

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

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