OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


August 25-31, 2014

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

22 Contracts Signed

How did this July and August compare to the same 2 months last year in the Manhattan luxury real estate market? Surprisingly, it was practically a dead heat. The score was 193 to 191, with 2014 edging out 2013 for contracts signed at $4 million and above. There was, however, one notable difference: 26% more condos were sold off of floorplans during the last 2 months. For an explanation, look no further than 30 Park Place, where the new Four Seasons condo has sold 32 units at $4 million and above, averaging $2,969/sq.ft., since July 1.

The top 3 contracts of the week were all in a new condo at 551 West 21st Street. No. 1 and No 2 were 17A and 10A, asking $18.5 million and $14.3 million, respectively. Both units are 4,271 square feet with 4 bedrooms and 4.5 bathrooms. The No.3 contract was Unit 17B, asking $14 million for 3,860 square feet, which includes 3 bedrooms and 3.5 bathrooms.

These units are being sold off of floorplans in a new High Line area condo designed by Foster + Partners, home of the Pritzker Prize-winning architect Lord Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting contracts signed on 20 out of 44 units, averaging $3,039/sq.ft..

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 25-31, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0

Avg.Asking:$6,875,000

2

Condos

1

0

3

14

Avg.Asking:$7,256,389
Avg$/sq.ft.:$2,816/sq.ft.
Avg.Size:2,577sq.ft.

18

Condops *

1

0

0

0

Avg.Asking:$9,000,000
Avg.$/sqft.$3,856/sq.ft.
Avg.Size:2,334sq.ft.

1

Townhouses

0

1

0

0

Avg.Asking:$5,900,000
Avg.$/sq.ft.:$894/sq.ft.
Avg.Size:6,600sq.ft.

1

Totals

4

1

3

14

22

Total Weekly Asking Price Sales Volume: $159,265,000
Average Asking Price: $7,239,318
Median Asking Price: $5,825,000
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:115
*Condop is a co-op with condo rules.

TO VIEW 21 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/141030eb6ad9e1.htm


TO VIEW 1 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/1410282c80a394.htm

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook