OLSHAN LUXURY MARKET REPORT

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April 21-27, 2014

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

35 Contracts Signed

While we are all waiting around for some real Spring weather to be sprung, the luxury real estate market in Manhattan continues to bloom, as 35 contracts were signed last week at $4 million and above. Half of the action was propelled by units in new condo buildings that were sold off of floorplans--many of which will not be ready to close for at least 18 months.

The No.1 contract was Apartment 7 at 145 West 11th Street, asking $18,250,000. With its own private landing, this 4-bedroom, 4.5-bathroom unit has 4,537 square feet, and features a 35-foot living room, a loggia off the family room, and a huge eat-in kitchen. Unit 7 was sold off of floorplans in the new Greenwich Lane, a 5-building condo complex being developed by the Rudin Organization on the former St. Vincent’s Hospital site in the heart of Greenwich Village. Sales started in October, and the developer is reporting more than 57% sold, averaging $3,146/sq.ft.. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage.

The No. 2 contract was the 2nd floor apartment at 66 East 11th Street, asking $15 million. This 3-bedroom, 3.5-bath unit has 3,663 square feet, and features a 42-foot living room with ceiling heights up to 15-feet. The condo is in a 1897 former dress factory that is being transformed into a 5-unit boutique property by a developer called Delos, which markets itself as offering “wellness real estate.” The building advertises unique features: Vitamin C-infused showers, purified air and water systems, posture-supportive flooring, and a proprietary circadian lighting design. I kid you not.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 21-27, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

3

Avg.Asking:$6,353,778

9

Condos

5

1

1

14

Avg.Asking:$8,788,333
Avg.$/sq.ft.:$2,666/sq.ft.
Avg.Size: 3,296sq.ft.

21

Condops *

1

0

0

0

Avg.Asking:$8,600,000
Avg.$/sq.ft.:$3,627/sq.ft.
Avg.Size: 2,371sq.ft.

1

Townhouses

1

2

0

1

Avg.Asking:$4,967,500
Avg.$/sq.ft:$1,691/sq.ft.
Avg. size: 2,937sq.ft.

4

Totals

10

5

2

18

35

Total Weekly Asking Price Sales Volume: $270,209,000
Average Asking Price: $7,720,257
Median Asking Price: $6,450,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:139
*Condop is a co-op with condo rules.

TO VIEW 31 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/1406266b20acfe.htm
http://media.realplusonline.com/webreports/1406266c9a7735.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/140626a3318a6d.htm

Donna Olshan
President
dso@olshan.com

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

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