OLSHAN LUXURY MARKET REPORT

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October 27-November 2, 2014

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

29 Contracts Signed

Another hectic and exciting NYC Marathon came to an end on Sunday afternoon, but that other marathon--the buying and selling of Manhattan luxury real estate--continues to perform at its own dazzling pace. Twenty-nine contracts were signed last week at $4 million and above, with condos clearly out-running co-ops, 19 to 7. Three townhouses were in the mix. And talk about a winning finish to the week, 10 properties sold for more than $10 million each.

The No.1 contract: was a townhouse at 157 East 70th Street, asking $28 million, reduced from $36 million when it went on the market a year ago. Owned by media baron Robert Sillerman, the founder of SFX, the house is one of 6 properties that he has listed for sale in Manhattan, Anguilla, and the Hamptons. The 70th Street house is saddled with a $23 million mortgage. It is 5 stories, 36-feet-wide, and 10,000 square feet including 5 bedrooms, 8 bathrooms, 2 powder rooms, 5 terraces, a guest suite, offices, staff quarters, and a gym.

For the second week in a row, the No.2 spot went to a unit in the new Greenwich Lane Condo: 12A at 155 West 11th Street, asking $18,225,000. This 4-bedroom, 4.5-bathroom unit has 3,949 square feet and a small terrace. The Greenwich Lane is a 5-building, 200-unit condo complex that also features 5 single family townhouses, and is being developed by the Rudin Organization on the former St. Vincent’s Hospital site in the heart of Greenwich Village. Sales started a year ago, and the developer is reporting 70% sold, averaging $3,175/sq.ft. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage space.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 27-November 2, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

0

1

Avg.Asking:$6,694,286

7

Condos

3

3

1

12

Avg.Asking:$9,125,789
Avg.$/sq.ft.:$2,931/sq.ft.
Avg.Size: 3,114 sq.ft.

19

Condops *

0

0

0

0



0

Townhouses

1

0

0

2

Avg.Asking:$16,300,000
Avg.$/sq.ft.:$2,365/sq.ft.
Avg.Size: 6,893 sq.ft.

3

Totals

9

4

1

15

29

Total Weekly Asking Price Sales Volume: $269,150,000
Average Asking Price: $9,281,034
Median Asking Price: $7,000,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:189
*Condop is a co-op with condo rules.

TO VIEW 26 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/1501012add334d.htm
http://media.realplusonline.com/webreports/15010133fd80a8.htm

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/1501015c3fe407.htm

Donna Olshan
President
dso@olshan.com

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

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