OLSHAN LUXURY MARKET REPORT

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April 14-20, 2014

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

23 Contracts Signed

The luxury real estate market in Manhattan had a strong showing last week, despite the traditionally weak Passover-Easter period: 23 contracts were signed at $4 million and above. With inventory at an all-time low, new construction has taken up the slack: Year-to-date, 33% of the sales at $4 million and above have been in new condo buildings sold off of floorplans. Many of these units will not be completed for another 2 years.

The No.1 contract was Apartment 5/6D at 19 East 72nd Street, asking $12.975 million, reduced from $14.5 million when it started on the market in October. The co-op duplex was purchased in 2006 for $10 million and renovated by the renowned architecture firm of Beyer Blinder and Belle. It has 4 bedrooms, 4.5 bathrooms, a library, eat-in kitchen, and 2 fireplaces.

The No. 2 contract was apartment PHW at 11 North Moore Street, asking $11 million, reduced from $12.75 million when it started on the market in October. This new 3-bedroom, 3.5-bathroom duplex condo has 3,541 square feet and 11-foot ceilings. Downstairs is a spectacular 48-foot great room that opens onto a 269-square-foot-terrace. The upstairs has a bedroom wing that includes a giant master suite.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 14-20, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

2

2

Avg.Asking:$6,688,125

9

Condos

0

2

3

8

Avg. Asking:$6,203,929
Avg.$/sq.ft.:$2,672/sq.ft.
Avg.Size:2,322sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

0

1

0

0

Avg.Asking:$5,890,000
Avg.$/sq.ft.:$1,218/sq.ft.
Avg.Size:4,836sq.ft.

1

Totals

3

5

5

10

23

Total Weekly Asking Price Sales Volume: $146,250,000
Average Asking Price: $6,358,596
Median Asking Price: $5,890,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:113
*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/1406197d0cdfcb.htm


TO VIEW 1 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/140619017b2df1.htm

Donna Olshan
President
dso@olshan.com

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

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