OLSHAN LUXURY MARKET REPORT

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September 1-7, 2014

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

17 Contracts Signed

Seventeen properties at $4 million and above went to contract last week. Not much to shout about, but in a holiday-shortened week that traditionally marks the end of summer, we’ll take it. Turns out, it was the strongest post-Labor Day week since we started keeping track in 2007.

The No.1 contract was apartment 19B at 212 West 18th Street, asking $13 million. This 2,691- square-foot condo with 3 bedrooms and 3.5 bathrooms was put back on the market after closing in May for $11,437,500. It is in Walker Tower, the original Art Deco headquarters of New York Telephone that was transformed into a condo with some of the highest quality finishes ever seen in new construction in Manhattan. The herringbone floors have radiant heat throughout, while kitchens are outfitted with Smallbone Devizes cabinets, marble and limestone countertops, and an ultra-luxury appliance package. All bathrooms have custom-marble details and Waterworks fittings. One unique feature of the building is a built-in humidification system, the same system that is used in museums. Amenities also include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

The No. 2 contract was a 20-foot-wide, 4-story brownstone at 304 West 90th Street, asking $12,995,000. It was purchased for $4.2 million in November 2012 and then renovated, converting a multi-family residence into a single family home with approximately 8,000 square feet including 6 bedrooms, 9 bathrooms, and an elevator. The house has a south garden and an 11-zone heating and cooling system.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 1-7, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

0

Avg.Asking:$4,950,000

1

Condos

1

1

1

10

Avg.Asking:$6,941,923
Avg.$/sq.ft:$2,337/sq.ft.
Avg.Size:2,970sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

0

2

1

0

Avg.Asking:$7,828,333
Avg.$/sq.ft.:$1,390/sq.ft.
Avg.Size:5,630sq.ft.

3

Totals

2

3

2

10

17

Total Weekly Asking Price Sales Volume: $118,680,000
Average Asking Price: $6,981,176
Median Asking Price: $6,400,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:162
*Condop is a co-op with condo rules.

TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 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/14110410d577ba.htm

Donna Olshan
President
dso@olshan.com

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

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