OLSHAN LUXURY MARKET REPORT

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February 23-March 1, 2015

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

30 Contracts Signed

The stock market just completed its best month since October 2011, but the Manhattan luxury real estate market had its best February since...ever! Thirty contracts were signed last week, catapulting February to a record 116 contracts at $4 million and above, a 23% increase over last year. Total volume of sales was $978 million, up 16% over February 2014.

The No.1 contract was PH North at 160 West 12th Street (The Greenwich Lane), asking $33 million. Penthouse North is a 4-bedroom, 4.5-bathroom triplex with 5,091 square feet and terraces on each floor that total 3,705 square feet. The master encompasses one of the floors, and the living room features a double-height ceiling. To date, the condo has sold 77% of its 200 units with asking prices averaging $3,159/sq.ft. The Greenwich Lane, which will not be completed for another year, is comprised of 5 buildings and 5 townhouses on the former St. Vincent’s Hospital site. Amenities include concierge, doorman, fitness center, pool, children’s room, and garage.

The No. 2 contract was 55-57 West 88th Street, two multi-family townhouses being offered together asking $22.5 million, reduced from $26 million when they went on the market in October 2013. The houses span a total of 40 feet with 14,230 square feet that include 12 free-market rental units.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 23-March 1, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

3

0

1

Avg.Asking:$5,169,167

6

Condos

6

1

0

12

Avg.Asking:$9,689,474
Avg.$/sq.ft.:$3,110/sq.ft.
Avg.Size:3,116 sq.ft.

19

Condops *

0

0

0

0



0

Townhouses

1

2

0

2

Avg.Asking:$8,970,000
Avg.$/sq.ft.:$1,592/sq.ft.
Avg.Size: 5,635 sq.ft.

5

Totals

9

6

0

15

30

Total Weekly Asking Price Sales Volume: $259,965,000
Average Asking Price: $8,665,500
Median Asking Price: $6,625,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:282
*Condop is a co-op with condo rules.

TO VIEW 25 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/150430806de7bf.htm


TO VIEW 5 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/1504307e978bf5.htm

Donna Olshan
President
dso@olshan.com

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

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