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

12 Contracts Signed

Only 12 contracts were signed last week at $4 million and above, but the Manhattan luxury real estate market celebrated the biggest winner in its history: a $100,471,453 sale. You got that right! A Manhattan condo broke the $100 million threshold.

The record was set by a duplex penthouse with 10,923 square feet comprising the 89th and 90th floors of 157 West 57th Street. A contract was signed on the unit in 2012 when the building was under construction and closed on December 23, 2014, but was not published by NYC records until last week. The sale surpasses the $88 million record set by a penthouse at 15 Central Park West. Nevertheless, that 2012 sale still holds the record for price per square foot at $13,049/sq.ft. compared to $9,198/sq.ft. for the penthouse at 157 West 57th Street.

The No.1 contract signed last week was Penthouse A at 151 East 78th Street, asking $29.5 million for a 6,975-square-foot triplex that includes 5 bedrooms, 7.5 bathrooms, and 2 terraces totaling 1,958 square feet. This unit is in a new 16-story condo building designed by the renowned classical architect Peter Pennoyer. Only 1 smaller penthouse remains in the 14-unit building, where prices have averaged approximately $3,000/sq.ft.

The No. 2 contract was a townhouse at 247 Central Park West, asking $27.5 million, reduced from $37 million when it went on the market in May 2013. This Queen Anne-style house has 10,745 square feet, and is one of the few single-family homes on Central Park West. It was purchased for $22.375 million in December 2011 by Ukrainian investor and fertilizer magnate Igor Iankovsky. He first tried to rent the house at $110,000/month, later reducing it to $65,000/month--but it still had no takers. The house has 5 bedrooms, 8 bathrooms, and an indoor 60-foot lap pool. The entrance gallery features a glass-and-steel staircase capped by a domed skylight at the top of the house.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 12-18, 2015

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	2	2	0	0	Avg.Ask:$7,722,500	4
Condos	3	0	0	3	Avg.Ask:$11,903,333 Avg.$/sq.ft.:$3,246/sq.ft. Avg.Size:3,667sq.ft.	6
Condops *	0	0	0	0		0
Townhouses	0	2	0	0	Avg.Ask:$20,125,000 Avg.$/sq.ft.:$2,478/sq.ft. Avg.Size:8,122sq.ft.	2
Totals	5	4	0	3		12

Total Weekly Asking Price Sales Volume: $142,560,000
Average Asking Price: $11,880,000
Median Asking Price: $8,725,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:241
*Condop is a co-op with condo rules.

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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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