OLSHAN LUXURY MARKET REPORT

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December 29, 2014-January 4, 2015

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

11 Contracts Signed

As we enter our 10th year of reporting on Manhattan’s luxury real estate market, 11 contracts were signed last week at $4 million and above, a typical total for such a festive start to January.

The No.1 contract was Apartment 71C at 80 Columbus Circle, asking $22.995 million, reduced from $25 million when it went on the market in September 2013. This Time Warner Center condo was purchased for $13.5 million in 2007 by Russian billionaire oligarch Oleg Baibakov. The unit has 3,168 square feet including 3 bedrooms and 3.5 bathrooms. The living room and master bedrooms span 44 feet across Central Park. The other bedrooms face west with views of the Hudson River.

The No. 2 contract was 8C at 737 Park Avenue, asking $10.1 million, reduced from $10.875 million when it went on the market in March 2013. The unit has 2,915 square feet with 3 bedrooms and 3.5 bathrooms. The living room and formal dining room face Park Avenue. The building is being converted to a condo from a rental by Macklowe Properties, and stands across the street from one of the most important co-ops in New York: 740 Park Avenue, known for grand apartments, famous residents, and a tough co-op board, all chronicled in a book by Michael Gross.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 29, 2014-January 4, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

1

Avg.Asking:$5,147,500

2

Condos

1

3

0

5

Avg.Asking:$8,575,111
Avg.$/sq.ft.:$3,290/sq.ft.
Avg.Size:2,607sq.ft.

9

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

2

3

0

6

11

Total Weekly Asking Price Sales Volume: $87,471,000
Average Asking Price: $7,951,909
Median Asking Price: $6,325,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:282
*Condop is a co-op with condo rules.

TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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