OLSHAN LUXURY MARKET REPORT

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July 28, 2014-August 3, 2014

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

23 Contracts Signed

Okay, stat geeks, here’s the latest figures to ponder: In the month of July, the total number of contracts signed at $4 million and above looks to be just about the same as July of last year--except for the fact that asking prices are a little higher. Per usual, condos outsold co-ops last week, this time 19-2, while 2 Upper West Side townhouses were in the mix. Almost half of the units were sold in Downtown condos.

The No.1 contract: was PH52A at 56 Leonard Street, asking $18,750,000. The unit has 3,658 square feet with 4 bedrooms and .4.5 bathrooms, plus 510 square feet of exterior space that includes a terrace and 2 balconies. 56 Leonard is a new 60-story, 145-unit condo designed by the Pritzker prize-winning Swiss architects Herzog & de Meuron. It was a huge sales hit when it started on the market in February 2013, with prices averaging $3,054/sq.ft. Only 2 units are left, asking $17.750 million and $34.5 million, even though the building won’t be completed for at least another year.

The No. 2 contract was 65A at 30 Park Place, asking $12,850,000. This 3,699-square-foot unit has 4 bedrooms, 5.5 bathrooms, a formal dining room, family room, and eat-in kitchen. It will occupy half a floor in the new Four Seasons Hotel and Condo, an 80-story limestone building designed by Robert A.M. Stern; the bottom 22 floors will be dedicated to the hotel. The building won’t be completed for another 2 years. Sales started in June, and the condo is reporting that 34 of the 157 units, averaging $2,912/sq.ft, are under contract.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 28, 2014-August 3, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0

Avg.Asking:$5,025,000

2

Condos

2

2

4

11

Avg.Asking:$7,368,684
Avg.$/sq.ft.:$2,714/sq.ft.
Avg.Size:2,715sq.ft.

19

Condops *

0

0

0

0



0

Townhouses

0

2

0

0

Avg.Asking:$4,725,000
Avg.$/sq.ft.:$1,330/sq.ft.
Avg.Size:3,634sq.ft.

2

Totals

4

4

4

11

23

Total Weekly Asking Price Sales Volume: $159,505,000
Average Asking Price: $6,935,000
Median Asking Price: $5,650,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:169
*Condop is a co-op with condo rules.

TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 2 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/1410022405a4e5.htm

Donna Olshan
President
dso@olshan.com

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

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