OLSHAN LUXURY MARKET REPORT

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April 28-May 4, 2014

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

35 Contracts Signed

Last week’s heavy rain could not dampen the Manhattan luxury market, as 35 contracts were signed at $4 million and above including 10 over $10 million. Almost one third of the action was in new construction.

The No.1 contract was the 11th floor at 2 East 88th Street, asking $22 million, reduced from $25 million when it went on the market in September. This 3 bedroom co-op just completed a 2-and-a-half-year renovation. It has spectacular views of the Park and reservoir from the dining room and the living room, which has a fireplace. The unit also has a library, eat-in kitchen, and 4 bathrooms.

The No. 2 contract was the 6th floor at 521 Park Avenue, asking $17.85 million, reduced from $23.5 million when it went on the market 2 years ago. Renovated in 2010, this 4,500- square-foot condo has 3 bedrooms, 4.5 bathrooms, an exercise room/4th bedroom, an eat-in kitchen, game room/library, and 3 fireplaces. The unit has 80-feet of frontage on Park Avenue.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 28-May 4, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

0

1

Avg.Asking:$8,800,000

8

Condos

9

2

0

9

Avg.Asking:$9,107,000
Avg.$/sq.ft.:$3,058/sq.ft.
Avg.Sq.Ft.: 2,978sq.ft.

20

Condops *

0

0

1

0

Avg.Asking:$6,995,000
Avg.$/sq.ft.:$2,047/sq.ft.
Avg.Sq.Ft.:3,417sq.ft.

1

Townhouses

0

3

1

2

Avg.Asking:$7,897,500
Avg.$/sq.ft.:$1,375/sq.ft.
Avg.Sq.Ft.:5,742sq.ft.

6

Totals

13

8

2

12

35

Total Weekly Asking Price Sales Volume: $306,920,000
Average Asking Price: $8,769,143
Median Asking Price: $7,050,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:132
*Condop is a co-op with condo rules.

TO VIEW 29 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/14070349894f88.htm
http://media.realplusonline.com/webreports/140703964a93e1.htm

TO VIEW 6 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/14070352096277.htm

Donna Olshan
President
dso@olshan.com

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

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