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.

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TO VIEW 4 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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