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

22 Contracts Signed

A reporter from a major newspaper called me last week wanting to know how co-ops—at $4 million and above--were selling this year as compared with last year. Well, I’ll tell you: Year-to-date, there is a 2% increase in the number of co-op contracts---but the average asking price has increased by 17%! In contrast, the number of condo contracts has decreased by 7%--but the average asking price is up 9%. The stats reflect the lowest levels of inventory since people started keeping track over 20 years ago. The decline in condo contracts is due mainly to the absence of new, large condo projects like 56 Leonard (145 units) and 150 Charles (91 units), both of which came on the market in early 2013. Overall, week in and week out, condos still outsell co-ops---at $4 million and above—by a margin of 3 to 1. Right now, approximately one third of all condo contracts are sold off of floorplans in buildings that will not be completed for at least another 18 months.

Last week, the No.1 contract was PH1 at 50 Riverside Boulevard, also known as One Riverside Park, asking $19,840,000 and sold off of floorplans. The condo has 6,168 square feet that includes 6 bedrooms and 8.5 bathrooms. The living room, formal dining room, eat-in kitchen, and master bedroom all face the Hudson River, though the Penthouse does not have a terrace. The building, is being developed by Extell, and has a robust package of amenities, including the use of next door’s Aldyn condominium’s 40,000-square-foot fitness space that features a large gym, pool, full-sized basketball court, squash court, 2-lane bowling alley, and a rock-climbing wall.

The No. 2 contract was 66A at 25 Columbus Circle, asking $16.950 million. This Time Warner Center condo has 2,632 square feet with 3 bedrooms, and 3.5 bathrooms. It is being sold by Tobias Meyer, who stepped down in November as Sotheby’s head of Contemporary Art and chief auctioneer. The apartment was purchased in March 2004 for $5.428,215, and has spectacular views of Central Park and the Hudson River.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 19-25, 2014

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	3	0	1	2	Avg.Asking:$5,924,167	6
Condos	6	2	3	4	Avg.Asking:$8,964,000 Avg.$/sq.ft.:$2,851/sq.ft. Avg.Size: 3,144sq.ft.	15
Condops *	0	0	0	0		0
Townhouses	0	1	0	0	Avg.Asking:$4,995,000 Avg.$/sq.ft.:$1,273/sq.ft. Avg.Size:3,924sq.ft.	1
Totals	9	3	4	6		22

Total Weekly Asking Price Sales Volume: $175,000,000
Average Asking Price: $7,954,545
Median Asking Price: $6,325,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:165
*Condop is a co-op with condo rules.

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Donna Olshan
President
dso@olshan.com

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

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