OLSHAN LUXURY MARKET REPORT

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January 5-11, 2015

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

23 Contracts Signed

The bitter weather last week couldn’t freeze the Manhattan luxury real estate market, as 23 contracts were signed at $4 million and above. The total included 7 townhouses, tying the one-week record since we started keeping track. Townhouses comprise a sector of the market where buyers often find a big bang for the buck.

The No.1 contract was PHA at 770 Park Avenue, asking $19,950,000. This duplex co-op was purchased in 2008 for $12 million and renovated. It has 3 bedrooms, wraparound terraces, and a maid’s room on the 3rd floor of the building.

The No. 2 contract was a townhouse at 271 West 10th Street, asking $17.25 million, reduced $250,000 from when it went on the market in July. This 27-foot, 3-story carriage house has 7,657 square feet. It was purchased for $5.5 million in January 2013, and never underwent a renovation, but is being sold with a set of approved plans designed with a single car garage and 4 to 5 bedrooms.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 5-11, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

1

1

Avg.Asking:$8,560,000

5

Condos

2

1

5

3

Avg.Asking:$7,267,091
Avg.$/sq.ft.:$2,820/sq.ft.
Avg.Size:2,577sq.ft.

11

Condops *

0

0

0

0



0

Townhouses

2

0

0

5

Avg.Asking:$10,719,286
Avg.$/sq.ft.:$1,887/sq.ft.
Avg.Size:5,680sq.ft.

7

Totals

7

1

6

9

23

Total Weekly Asking Price Sales Volume: $197,223,000
Average Asking Price: $8,574,913
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:8%
Average Days on Market:312
*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:
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TO VIEW 7 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/1503125d4afec4.htm

Donna Olshan
President
dso@olshan.com

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

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