OLSHAN LUXURY MARKET REPORT

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June 9-15, 2014

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

40 Contracts Signed

Summer may be only a few days away, but Manhattan’s luxury real estate market turned up the heat a little early: 40 contracts were signed at $4 million and above, the most for any June week since we started keeping track in 2006. More than half were sold off of floorplans including 9 at 30 Park Place, an 80-story limestone building designed by Robert A.M. Stern, with a Four Seasons Hotel on the bottom 22 floors and 157 condos above that. Prices start at around $3,000/sq.ft.

For the second week in a row, the No.1 contract was a townhouse sold by an institution. Last week it was the French government, this week it is the Manhattan Country School at 7 East 96th Street, asking $23 million. The 5-story, 40-foot-wide limestone townhouse has been occupied by the school for 50 years. It has 13,845 square feet and vintage details: a carriage door entrance, a ballroom with 15-foot ceilings and with French doors that open onto a Juliet balcony. The building is finished with a slate roof and copper dormers.

The No. 2 contract was 5/6E at 998 Fifth Avenue, asking $17.5 million, reduced from $22 million when it went on the market in October. It is a 4-bedroom, 5.5-bathroom duplex co-op featuring a magnificent limestone staircase and a large living room with period stained-glass windows. The apartment also has an eat-in kitchen and 3 fireplaces. It does not face Fifth Avenue and the Metropolitan Museum, but what it lacks in views is made up in the distinguishing architectural details of this limestone building that was built between 1910-1912 and designed by Stanford White’s architecture firm: McKim, Mead and White.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 9-15, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

2

1

0

Avg.Asking:$6,933,500

10

Condos

2

2

1

21

Avg.Asking:$7,468,462
Avg.$/sq.ft.:$2,725/sq.ft.
Avg.Size:2,741sq.ft.

26

Condops *

0

0

1

0

Avg.Asking:$13,950,000
Avg.$/sq.ft:$5,365/sq.ft.
Avg.Size: 2,600sq.ft.

1

Townhouses

1

1

0

1

Avg.Asking:$13,065,000
Avg.$/sq.ft.:$!,922/sq.ft.
Avg.Size:6,799sq.ft.

3

Totals

10

5

3

22

40

Total Weekly Asking Price Sales Volume: $316,660,000
Average Asking Price: $7,916,500
Median Asking Price: $6,300,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:150
*Condop is a co-op with condo rules.

TO VIEW 37 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/1408141575241e.htm
http://media.realplusonline.com/webreports/140814832f0cad.htm

TO VIEW 3 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/140814303be347.htm

Donna Olshan
President
dso@olshan.com

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

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