OLSHAN LUXURY MARKET REPORT

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March 31-April 6, 2014

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

26 Contracts Signed

The big news last week: A record contract was signed for a co-op apartment—a reported $70 million, which was $5 million above the asking price, for The Penthouse at 960 Fifth Avenue. It was sold by the estate of Edgar Bronfman Sr., who died in December.

The penthouse occupies the entire top floor of 960 Fifth at 77th Street. It has 16 rooms including 5 bedrooms, 8.5 bathrooms, 4 fireplaces, and is surrounded by terraces on all sides. The front terrace spans 100 feet across Central Park. Owned for over 40 years by the former chairman of Seagrams, the unit needs to be renovated. Staff quarters on the floor below include 4 maids rooms and 2 bathrooms

The No. 2 contract was Penthouse 1 at 1355 First Avenue, asking $37.94 million, in a new condo building under construction called The Charles between 72nd and 73rd Street. PH1 is a 12-bedroom, 12.5-bathroom quadruplex with 11,747 square feet and a 1,300-square-foot terrace. The most expensive unit ever sold east of Third Avenue, it is a combination of the original duplex plus two contiguous floors beneath it.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 31-April 6, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0

Avg. Asking:$27,716,667

2

Condos

7

3

0

12

Avg.Asking: $10,907,714
Avg.$/sq.ft.:$3,032/sq.ft.
Avg.Size.: 3,598sq.ft.

22

Condops *

0

0

0

0



0

Townhouses

0

0

1

1

Avg.Asking:$6,350,000
Avg.$/sq.ft.:$1,285/sq.ft.
Avg.Size: 4,940sq.ft.

2

Totals

9

3

1

13

26

Total Weekly Asking Price Sales Volume: $324,912,000
Average Asking Price: $12,496,615
Median Asking Price: $7,350,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:188
*Condop is a co-op with condo rules.

TO VIEW 24 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/140605a05e35f0.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/140605c170de8e.htm

Donna Olshan
President
dso@olshan.com

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

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