OLSHAN LUXURY MARKET REPORT

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August 11-17, 2014

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

15 Contracts Signed

The summer of ’14 has had several record-breaking weeks, but last week wasn’t one of them. Only 15 contracts were signed at $4 million and above, and of those, only 1 was a co-op—but it ended up being one of the top 2 sales of the week.

The No.1 contract: was 350 East 88th Street, asking $18 million, reduced from $20 million when it went on the market almost a year ago. Owned by the Children’s Aid Society, this 50-foot-wide, 4-story brownstone has 15,405 square feet, and is known as the Rhinelander Children’s Center. It currently serves as a nursery school that will close its doors by the end of the year. The building has 3 entrances, 2 terraces, and rooms with ceiling heights that range from 11 to 22 feet.

There was a tie for the No. 2 contract between 2 properties, each asking $15 million: 781 Fifth Avenue 1601/1604, a co-op in the Sherry Netherland Hotel, and Unit 47 West at 56 Leonard, a condo sold off of floorplans. The Sherry Netherland apartment needs to be renovated, and has the potential to feature 5 bedrooms and 7.5 baths. The monthly maintenance of $34,439 includes daily maid service. The unit at 56 Leonard Street has 3,576 square feet with 4 bedrooms and 4.5 bathrooms. The building, designed by Pritzker prize-winning architects Herzog & de Meuron, is a hot new downtown condo now under construction.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 11-17, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

0

1

0

Avg. Asking:$15,000,000

1

Condos

0

1

0

11

Avg.Asking:$6,933,583
Avg.$/sq.ft.:$2,990/sq.ft.
Avg.Size:2,319sq.ft.

12

Condops *

0

0

0

0



0

Townhouses

1

0

0

1

Avg.Asking:$12,250,000
Avg.$/sq.ft.:$1,367/sq.ft.
Avg.Size:8,963sq.ft.

2

Totals

1

1

1

12

15

Total Weekly Asking Price Sales Volume: $122,703,000
Average Asking Price: $8,180,000
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:10%
Average Days on Market:227
*Condop is a co-op with condo rules.

TO VIEW 13 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/1410162bea8de7.htm

Donna Olshan
President
dso@olshan.com

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

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