OLSHAN LUXURY MARKET REPORT

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April 7-13, 2014

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

38 Contracts Signed

The stock market may have taken a beating last week, but the Manhattan luxury real estate market showed no signs of losing momentum: 38 contracts were signed at $4 million and above. Condos outsold co-ops 25 to 9. Included in the mix were 3 townhouses and 1 condop. Five sales were north of $10 million.

The No.1 contract was Unit 8 at 155 West 11th Street, asking $18 million. This 3-bedroom, 3.5-bathroom unit has 3,965 square feet and features a 1,264-square foot terrace off the living room and master bedroom. Common charges and real estate taxes total $14,845. Unit 8 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 55% sold, averaging $3,144/sq.ft.. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage.

The No. 2 contract was 5A at 33 East 74th Street, asking $17,500,000. With 3,851 square feet, this 3-bedroom, 3.5-bathroom unit is in a new 10-unit condo under construction next to the Whitney Museum. Designed by Belle Blinder, it offers postwar-style interiors with large rooms behind a traditional façade. Amenities include concierge, fitness center, and storage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 7-13, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

4

3

1

Avg. Asking:$6,965,556

9

Condos

4

0

2

19

Avg. Asking:$7,858,800
Avg.$/sq.ft:$2,816/sq.ft.
Avg.Sq.Ft.:2,791sq.ft.

25

Condops *

1

0

0

0

Avg.Asking:$8,700,000
Avg.$/sq.ft:$3,655/sq.ft.
Avg. sq.ft.: 2,380sq.ft.

1

Townhouses

1

1

0

1

Avg.Asking:$5,966,667
Avg.$/sq.ft:$1,371/sq.ft.
Avg.Sq.Ft: 4,352sq.ft.

3

Totals

7

5

5

21

38

Total Weekly Asking Price Sales Volume: $285,760,000
Average Asking Price: $7,520,000
Median Asking Price: $6,400,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:136
*Condop is a co-op with condo rules.

TO VIEW 35 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/140612140436fb.htm
http://media.realplusonline.com/webreports/1406125069278b.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/140612582706a3.htm

Donna Olshan
President
dso@olshan.com

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

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