OLSHAN LUXURY MARKET REPORT

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October 6-12, 2014

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

28 Contracts Signed

As the second week of October drew to a close, new buildings still ruled the Manhattan luxury real estate market. Twenty-eight contracts were signed last week at $4 million and above, 9 of them at 50 West Street averaging $2,355/sq.ft. Featuring spectacular views of the Statue of Liberty, this new condo is scheduled to be completed in 2016.

The No.1 contract was a townhouse at 125 East 70th Street, asking $41 million, reduced from $46 million when it went on the market over a year ago. This 40-foot wide French-style house was built as a pied-a-terre for banking heir Paul Mellon and his second wife Bunny. It was completed in 1966, and has 11,000 square feet including 8 bedrooms, 8 bathrooms, an elevator, and a garden with a reflecting pool. In 2006, the house was sold by Bunny Mellon for $22.5 million to the current sellers.

The No. 2 contract was PH7B at 140 West 12th Street asking $19.750 million. This 3,977-square-foot penthouse has 4 bedrooms, 3.5 bathrooms, and 2 terraces. A large eat-in kitchen and the living room/dining room open onto a terrace that is over 60-feet long. A second terrace is off the master bedroom. The penthouse was sold off of floorplans in the Greenwich Lane, a 5-building condo complex being developed on the former St. Vincent’s Hospital site in the heart of Greenwich Village by the Rudin Organization. Sales started a year ago, and the developer is reporting 68% sold, averaging $3,158/sq.ft.. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 6-12, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

3

2

0

Avg.Asking:$6,775,714

7

Condos

0

0

0

18

Avg.Asking:$6,825,722
Avg.$/sq.ft:$2,563/sq.ft.
Avg.Size: 2,664 sq.ft.

18

Condops *

0

0

0

0



0

Townhouses

1

1

0

1

Avg.Asking:$20,166,667
Avg.S/Sq.ft.;$2,364/sq.ft.
Avg.Size: 8,531 sq.ft.

3

Totals

3

4

2

19

28

Total Weekly Asking Price Sales Volume: $230,793,000
Average Asking Price: $8,242,607
Median Asking Price: $5,917,500
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:223
*Condop is a co-op with condo rules.

TO VIEW 25 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/1412124d7f0071.htm

Donna Olshan
President
dso@olshan.com

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

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