OLSHAN LUXURY MARKET REPORT

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November 17-23, 2014

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

33 Contracts Signed

Thirty-three contracts were signed last week at $4 million and above, and for only the second time this year, we have a tie for the No. 1 spot. Each property was asking $22 million—and that’s where the similarity ends. One is an uptown penthouse co-op, the other a downtown townhouse.

The Penthouse is at 975 Park Avenue, reduced from $25 million when it went on the market in May of 2011. The co-op was purchased in September 2007 for $9 million and then gut renovated. It has 5 bedrooms, 5-bathrooms, a landscaped wraparound terrace, an entrance gallery with skylights, a large eat-in kitchen, and a woodburning fireplace in both the living room and master suite.

The other No.1 contract was 79 Horatio Street, a 25-foot-wide house purchased by developers for $10,450,000 in November 2012. They gutted this 6-story, 7100-square-foot house, restoring it with a masterful renovation that includes a ground-floor kitchen opening to a dramatic living room with floor-to-ceiling glass doors that access a garden. The house has 6 bedrooms, 7 bathrooms, 3 powder rooms, an elevator, and a roof terrace. It is one of the top five contracts for a Downtown single-family house this year.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 17-23, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

1

0

4

Avg. Ask:$8,438,333

9

Condos

2

2

0

16

Avg.Ask:$6,733,450
Avg.$/sq.ft.:$2,505/sq.ft.
Avg.Size:2,688 sq.ft.

20

Condops *

0

0

0

0



0

Townhouses

1

0

0

3

Avg. Ask:$14,498,750
Avg.$/sq.ft:$2,688/sq.f.t
Avg. Size: 5,395 sq.ft.

4

Totals

7

3

0

23

33

Total Weekly Asking Price Sales Volume: $268,654,000
Average Asking Price: $8,141,030
Median Asking Price: $6,150,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:168
*Condop is a co-op with condo rules.

TO VIEW 29 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/15012272eb1d46.htm
http://media.realplusonline.com/webreports/1501223ed4871b.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/1501210ad5daf9.htm

Donna Olshan
President
dso@olshan.com

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

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