OLSHAN LUXURY MARKET REPORT

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June 23-29, 2014

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

32 Contracts Signed

At the mid-year point of 2014, the number of contracts signed at $4 million and above has fallen 8%. Blame a lack of inventory, particularly in the condo market, which is mostly populated by boutique developments with few units. At the same time, the average asking price for condos rose 7%, and the average asking price for co-ops increased 11%. The 2014 trends are very similar to 2013: At $4 million and above, condos out sold co-ops almost 3 to 1, and half of those condos were sold off of floorplans. In terms of location, 46% of all properties that went to contract at $4 million and above were located below 30th Street.

The No.1 contract last week was a townhouse at 163 East 82nd Street, asking $18.9 million.This 19-foot-wide, 5-story house was purchased in June 2008 for $5.9 million. It was gut-renovated and designed by architect Steven Harris, who expanded the house to almost 7,000 square feet.

The No. 2 contract was a combination of Apartment 2S and 3S at 88 Central Park West, asking $17.9 million, reduced from $21.5 million when the units started on the market in September. Both units are 7-room apartments that face Central Park, and were offered together as a potential duplex with a total of 4 rooms facing the park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 23-29, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

1

Avg.Asking:$7,584,286

7

Condos

1

1

1

17

Avg.Asking:$6,333,200
Avg.$/sq.ft.:$2,584/sq.ft.
Avg.Size:2,451sq.ft.

20

Condops *

1

0

0

0

Avg.Asking:$8,800,000
Avg.$/sq.ft.:$3,712/sq.ft.
Avg.Size:2,371sq.ft.

1

Townhouses

2

1

0

1

Avg.Asking:$14,098,750
Avg.$/sq.ft.:$2,450/sq.ft.
Avg.Size:5,754sq.ft.

4

Totals

7

4

2

19

32

Total Weekly Asking Price Sales Volume: $244,949,000
Average Asking Price: $7,654,656
Median Asking Price: $5,972,500
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:128
*Condop is a co-op with condo rules.

TO VIEW 28 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/1408281b82e236.htm
http://media.realplusonline.com/webreports/140828913b180e.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/14082883938d76.htm

Donna Olshan
President
dso@olshan.com

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

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