OLSHAN LUXURY MARKET REPORT

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May 12-18, 2014

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

27 Contracts Signed

Manhattan’s luxury real estate market took its cue from the weather last week: not too hot, not too cold. Twenty-seven contracts were signed at $4 million and above. And once again, condos out sold co-ops 14-9, with 4 townhouses in the mix.

The No.1 contract—and the only property to sell above $10 million--was 16A at 551 West 21st Street, asking $16.6 million. The 4,271-square-foot unit has 4 bedrooms and 4.5 bathrooms, and was sold off of floorplans. It is in a new High Line area condo designed by Foster + Partners, home of the Pritzker Prize winning architect Sir Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a gated drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting contracts signed on 12 out of 44 units, averaging $2,956/sq.ft.

The No. 2 contract was the 14th floor at 151 East 79th Street, asking $9,995,000, reduced from $10.95 million when it went on the market a year ago. The 11-room prewar co-op has 5 bedrooms, 4 bathrooms, and 2 working fireplaces. The unit last sold in 2010 for $7.2 million, and needs renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 12-18, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

2

0

2

Avg.Asking:$6,973,333

9

Condos

1

2

2

9

Avg.Asking:$6,708.571
Avg.$/sq.ft.:$2,407/sq.ft.
Avg.Size:2,787sq.ft.

14

Condops *

0

0

0

0



0

Townhouses

1

1

1

1

Avg.Asking:44,887,500
Avg.$/sq.ft.:$1010/sq.ft.
Avg.Size:4,839sq.ft.

4

Totals

7

5

3

12

27

Total Weekly Asking Price Sales Volume: $176,430,000
Average Asking Price: $6,534,444
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:137
*Condop is a co-op with condo rules.

TO VIEW 23 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/140717a1035db1.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/140717e5d83785.htm

Donna Olshan
President
dso@olshan.com

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

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