OLSHAN LUXURY MARKET REPORT

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November 3-9, 2014

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

21 Contracts Signed

Republicans celebrated, Democrats licked their wounds, and the Manhattan real estate buyers elected to continue supporting condos over co-ops. Twenty-one contracts were signed last week at $4 million and above, with condos out selling co-ops, 14 to 3, while 4 townhouses were in the mix.

Here’s some more data for you stat geeks: Since September 1, 73% of all contracts signed on properties at $4 million and above were condos. Downtown sales comprised 60% of all contracts signed during the same time period. And finally, 45% of this elite group were sold off of floorplans.

For the third time this year, two townhouses swept the No.1 and 2 spots of the week. The No.1 contract was a brownstone at 9 West 82nd Street, asking $16,900,000, reduced $1 million from when it went on the market in March. This 5-story, 23-foot-wide house has 7,000 square feet with 6 bedrooms, 8 bathrooms, and 6 fireplaces. It also has a studio apartment on the ground floor that can be rented or used as a guest/staff quarters. The house last sold for $5,825,000 in 2004, and was then renovated with Waterworks fixtures in the bathrooms, Creston lighting, and a central vacuum system.

The No. 2 contract was 460 West 22nd Street, asking $16,260,000, which sold within 5 weeks of listing. The owners paid $4.6 million in August 2012 and then went through an extensive renovation overseen by Stephen Fanuka, of HGTV’s Million Dollar Contractor and Suk Design Group. This 16-foot-wide, 5-story townhouse, built in 1840, has approximately 5,000 square feet with 4 bedrooms, 4.5 bathrooms, an elevator, 4 gas fireplaces, and a garden, plus 3 terraces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 3-9, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

0

1

Avg.Asking:$5,355,000

3

Condos

0

3

1

10

Avg.Asking:$6,131,071
Avg.$/sq.ft.:$2,196/sq.ft.
Avg.Size:2,606 sq.ft.

14

Condops *

0

0

0

0



0

Townhouses

1

1

0

2

Avg.Asking:$12,411,000
Avg.$/sq.ft.:$2,168/sq.ft.
Avg.Size:5,725 sq.ft.

4

Totals

2

5

1

13

21

Total Weekly Asking Price Sales Volume: $151,544,000
Average Asking Price: $7,216,381
Median Asking Price: $5,650,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:164
*Condop is a co-op with condo rules.

TO VIEW 17 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/15010855587b50.htm


TO VIEW 4 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/15010830374ee0.htm

Donna Olshan
President
dso@olshan.com

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

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