OLSHAN LUXURY MARKET REPORT

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February 2-8, 2015

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

32 Contracts Signed

Sellers in the Manhattan luxury real estate market got an early Valentine’s Day gift last week: 32 contracts were signed at $4 million and above, a record for the first week in February since we started keeping track in 2006. Over half of all properties were sold off of floorplans, and once again condos outsold co-ops 20 to 6. Six townhouses were in the mix.

The No.1 contract was PH3 at 33 East 74th Street, asking $32 million. This 5-bedroom, 5.5-bathroom triplex has 6,312 square feet, plus 4 terraces that total over 2,200 square feet. The penthouse is featured in a new condo building that is being created out of a row of landmark brownstones next to the Whitney Museum. Two of the 10 units are reportedly sold, with asking prices averaging over $5,000/square foot.

The No. 2 contract was a townhouse at 278 West 11th Street, asking $26.5 million, reduced from $30 million when it went on the market in March 2014. Built in 1853, this 25-foot Greek revival house was a bed and breakfast purchased in 2011 for $8,206,250. It was then renovated and expanded to 6,500 square feet. The house has 4 bedrooms, 4 bathrooms, 3 powder rooms, and an elevator. The stoop was rebuilt, and a rear wall was replaced with glass. It features a gym and a 1,200-bottle wine cellar.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 2-8, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

0

1

Avg.Asking:$8,382,500

6

Condos

5

2

2

11

Avg.Asking:$9,006,450
Avg.$/sq.ft.:$2,674/sq.ft.
Avg.Size:3,368sq.ft.

20

Condops *

0

0

0

0



0

Townhouses

0

2

0

4

Avg.Asking:$11,415,000
Avg $/sq.ft.:$2,011/sq.ft.
Avg.Size:5,678sq.ft.

6

Totals

8

6

2

16

32

Total Weekly Asking Price Sales Volume: $297,914,000
Average Asking Price: $9,310,125
Median Asking Price: $7,725,000
Average Discount from Original Ask to Last Asking Price:8%
Average Days on Market:295
*Condop is a co-op with condo rules.

TO VIEW 26 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/1504097d24fdcd.htm
http://media.realplusonline.com/webreports/15040994a75335.htm

TO VIEW 6 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/1504082961fc61.htm

Donna Olshan
President
dso@olshan.com

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

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