OLSHAN LUXURY MARKET REPORT

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November 24-30, 2014

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

17 Contracts Signed

Anyone involved in the Manhattan luxury real estate market had a lot to be thankful for last week, and it wasn’t only because a tidy total of 17 contracts were signed at $4 million and above. The really big news was this: November 2014 turned out to be the biggest November in luxury sales since we started keeping track in 2006. In all, 124 contracts were signed at $4 million and above—a 36% increase over the same period last year!

The No.1 contract was the Penthouse at 60 Warren Street, asking $24.5 million, reduced from $28 million when it went on the market in 2010. This 5-story condo has 10,911 square feet including 7 bedrooms and 5.5 bathrooms, plus 3 terraces and a roof garden totaling almost 2000 square feet. The unit has double-height ceilings, a full-floor master suite with 2 marble bathrooms, a sculptural-steel-and-glass staircase, and a 1,000-bottle wine storage. A private elevator and a dumb waiter connect all the floors. The building has a doorman, gym, and storage.

The No. 2 contract was 23A at 35 West 15th Street, asking $12,650,000. This is the most expensive apartment publicly listed in this 54-unit condo that started sales in March 2013 off of floorplans. The unit has 3,831 square feet including 4 bedrooms, 3.5 bathrooms, and 10-foot ceilings. A kitchen opens to a 29-foot living room, and the formal dining room is 31 feet long.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 24-30, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

0

0

Avg.Asking:$4,530,000

3

Condos

0

2

0

10

Avg.Asking:$8,139,750
Avg.$/sq.ft.:$2,390/sq.ft.
Avg.Size:3,406 sq.ft.

12

Condops *

1

0

0

0

Avg.Asking:$9,000,000
Avg.$/sq.ft.:$3,701/sq.ft.
Avg.Size:2,432sq.ft.

1

Townhouses

0

0

1

0

Avg.Asking:$8,250,000
Avg.$/sq.ft.:$2,578/sq.ft.
Avg.Size:3,200 sq.ft.

1

Totals

4

2

1

10

17

Total Weekly Asking Price Sales Volume: $128,517,000
Average Asking Price: $7,559,824
Median Asking Price: $6,350,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:265
*Condop is a co-op with condo rules.

TO VIEW 16 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/1501284e8cf59a.htm


TO VIEW 1 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/1501288c896acb.htm

Donna Olshan
President
dso@olshan.com

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

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