OLSHAN LUXURY MARKET REPORT

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January 26-February 1, 2015

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

20 Contracts Signed

January 2015 is looking like a mirror image of January 2014. Last year, January contracts signed at $4 million and above totaled 98, a respectable number despite the bitter cold and snow. This past January, once again despite the bitter cold and snow, the contracts signed at $4 million and above totaled 98. What those stats mean is anybody’s guess. All I know is that Manhattan’s luxury real estate market continues to make healthy strides. One potential disruptor, though: the new inventory of midtown condo units that is expected to hit the market in the months ahead, saturating the 57th Street corridor with many properties asking above $10 million.

Now for last week’s results: 20 contracts were signed at $4 million and above. The No. 1 sale was 16C at 145 Central Park West, asking $21,495,000, reduced from $25 million when it went on the market last April. It has 3 bedrooms, 4.5 bathrooms, a library, and a wraparound terrace with views spanning 70 feet across Central Park. The unit needs a complete renovation, but it has undeniable cache, as it is located in the legendary San Remo, a 1930 co-op known for its celebrity owners and large apartments. Apartment 16C was owned by the hedge fund philanthropist Robert Wilson, who, at 87 years old, jumped to his death from the apartment after suffering for many months from a debilitating stroke.

The No. 2 contract was 15B at 20 East End, asking $12 million. This 4-bedroom, 4-bathroom unit with 2 small terraces has 3,600 square feet, and was sold off of floorplans. It is in a new condo building designed by architect Robert A.M. Stern with 43 units and 27 different floorplans. Most of the units have 3 or more bedrooms, offering 11-foot ceilings and high-end finishes. Amenities include a fitness room and a billiards room that features a bar outfitted with private cordial lockers for each resident. There is also a dining room with a catering kitchen, a card room, and a junior lounge designed for the teen set. The developer is reporting 7 contracts signed with prices averaging $2,950/sq.ft.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 26-February 1, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

0

1

Avg.Asking:$8,973,750

4

Condos

3

1

1

8

Avg.Asking:$6,074,538
Avg.$/sq.ft.:$2,557/sq.ft.
Avg.Size:2,376sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

0

0

0

3

Avg.Asking:$6,713,333
Avg.$/sq.ft.:$1,859/sq.ft.
Avg.Size:3,611sq.ft.

3

Totals

5

2

1

12

20

Total Weekly Asking Price Sales Volume: $135,004,000
Average Asking Price: $6,750,000
Median Asking Price: $5,160,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:187
*Condop is a co-op with condo rules.

TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 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:
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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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