OLSHAN LUXURY MARKET REPORT

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July 7-13, 2014

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

31 Contracts Signed

The hottest summer on record? Yes, but I am not talking about the weather. The Manhattan luxury real estate market is on fire: The first 2 weeks of the month registered the largest number of sales we have seen in July since we started keeping track in 2007. The July 4th week kicked off the trend with 21 contracts at $4 million and above, and last week, 31 contracts were signed including one of the largest sales of the year--The Penthouse at 21 East 61st Street, asking $65 million.

The Penthouse is a 6-bedroom, 6-bathroom duplex with 8,988 square feet. There are wrap-around terraces on both floors that total 5,261 square feet. Each bedroom has an en-suite bathroom. The monthly maintenance is $31,767. The building was once the Helmsley Carlton House Hotel, and is being developed into 69 units by Extell and Angelo Gordon. It has a concierge, fitness center, and pool. It is a co-op with condo rules and operates under a long-term ground lease with the retail portion of the building owned by a different entity.

The No. 2 contract was a townhouse at 17 East 92nd Street, asking $16.5 million. This 19-foot-wide 5-story limestone house has 5,586 square feet. It was purchased in 1993 for $2.8 million. Department of Building records show that it was renovated in 1997, and is configured as 6 bedrooms and 3.5 bathrooms. The townhouse has a lovely 1,075-square-foot garden, but no elevator.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 7-13, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

2

Avg. Asking: $6,135,000

6

Condos

2

5

1

8

Avg. Asking: $5,650,000
Avg.$/sq.ft.:$2,551/sq.ft.
Avg.Size:2,215sq.ft.

16

Condops *

1

0

0

0

Avg.Asking:$65,000,000
Avg.$/sq.ft.:$7,232/sq.ft.
Avg.Size:8,988sq.ft.

1

Townhouses

2

3

1

2

Avg.Asking:$8,166,875
Avg.$/sq.ft.:$1,763/sq.ft.
Avg.Size:4,634sq.ft.

8

Totals

8

9

2

12

31

Total Weekly Asking Price Sales Volume: $256,815,000
Average Asking Price: $8,284,355
Median Asking Price: $5,750,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:165
*Condop is a co-op with condo rules.

TO VIEW 23 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:
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TO VIEW 8 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/140911dda90510.htm

Donna Olshan
President
dso@olshan.com

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

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