OLSHAN LUXURY MARKET REPORT

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June 16-22, 2014

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

20 Contracts Signed

Summer is here, and it seems like a traditional trend may be starting to set in: As temperatures rise, big sales fall. Two weeks ago, we had a June record 40 contracts signed, and last week we were down to 20. Condos out sold co-ops 11 to 4, and there were 5 townhouses in the mix.

Details of the No.1 contract: broke last week in Paris Match, which reported that the French Government sold Apartment 12/13B at 740 Park Avenue for $70 million in a bidding war that far exceeded the asking price of $48 million. The apartment was sold to Israel Englander, the hedge fund manager who lives directly above on the 14th floor. 740 Park is one of the most famous co-ops in New York: its past residents include Jacqueline Onassis and John D. Rockefeller Jr, and current residents include David Koch and Stephen Schwarzman. Apartment 12/13B is an 18-room duplex with 6 bedrooms, 7.5 bathrooms, and a planting terrace off the master suite. If the sale closes at $70 million, it will tie the record for the most expensive co-op sale ever, which was set on May 30 when the estate of Edgar Bronfman sold the penthouse at 960 Fifth Avenue to Egyptian billionaire Nassef Sawiris and wife Sherine Magar.

The No. 2 contract was a townhouse at 58 East 66th Street, asking $20 million. This 20-foot wide, 5-story Beaux Arts limestone mansion was purchased in 2008 for $14.5 million. The interior was gutted, but for some reason the renovation never proceeded. It is being sold as a shell with a set of NYC Department of Building approved plans designed for 8,000 square feet, a lap pool, an elevator, and 7 fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 16-22, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

1

Avg. Asking:$15,797,500

4

Condos

2

4

0

5

Avg.Asking:$6,801,818
Avg.$/sq.ft.:$2,768/sq.ft.
Avg.Size: 2,441sq.ft.

11

Condops *

0

0

0

0



0

Townhouses

3

0

0

2

Avg. Asking:$10,668,000
Avg.$/sq.ft.:$2,458/sq.ft.
Avg.Size:4,340sq.ft.

5

Totals

8

4

0

8

20

Total Weekly Asking Price Sales Volume: $191,350,000
Average Asking Price: $9,567,500
Median Asking Price: $7,122,500
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:115
*Condop is a co-op with condo rules.

TO VIEW 15 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/14082192e53a09.htm


TO VIEW 5 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/1408213a632888.htm

Donna Olshan
President
dso@olshan.com

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

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