OLSHAN LUXURY MARKET REPORT

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June 30-July 6, 2014

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

21 Contracts Signed

July started off with a bang, and I don’t mean the Fourth fireworks. The Manhattan luxury real estate market had its strongest first week of July since we started keeping track in 2007: 21 contracts were signed at $4 million and above—and 2 townhouses led the way with pyrotechnical profits.

The No.1 contract: was 36 East 61st Street, asking $27 million. The Commercial Observer reported in May that Thor Equities had agreed to purchase this 6-story, 25-foot-wide townhouse with 10,845 square feet, but the listing was not marked as a contract signed until this past week. The sellers purchased the house in 1993 for $6.7 million and completed a 3-year-renovation in 2004. The house is commercially-zoned, and annual real estate taxes are $201,000.

The No. 2 contract was 269 West 11th Street, asking $22.5 million, raising its price from $19,170,000 when it started on the market in June of 2010. This 5-story, 27-foot-wide brick townhouse is divided into an owner’s triplex plus 3 rental apartments. The house last sold in December 2003 for $499,990.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 30-July 6, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

1

1

Avg.Asking:$6,760,000

6

Condos

2

1

2

5

Avg.Asking:$7,437,000
Avg.$/sq.ft.:$2,600/sq.ft.
Avg.Size:2,861sq.ft.

10

Condops *

0

0

0

0



0

Townhouses

2

0

2

1

Avg.Asking:$13,529,800
Avg.$/sq.ft.:$2,140/sq.ft.
Avg.Size:6,323sq.ft.

5

Totals

8

1

5

7

21

Total Weekly Asking Price Sales Volume: $182,578,999
Average Asking Price: $8,694,238
Median Asking Price: $6,075,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:124
*Condop is a co-op with condo rules.

TO VIEW 16 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/140904622b6bb5.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/1409042c039aa9.htm

Donna Olshan
President
dso@olshan.com

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

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