OLSHAN LUXURY MARKET REPORT

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March 2-8, 2015

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

32 Contracts Signed

Here’s some stats from last week:

  1. 32 contracts were signed at $4 million and above, including 11 properties that sold with asking prices north of $10 million. Condos outsold co-ops 24 to 5, and there were 3 townhouses in the mix.
  2. According to The Real Deal, 220 Central Park South will start offering 118 apartments averaging $7,374 /sq.ft. The condo looks like an updated version of 15 Central Park West, which is perhaps no surprise as both developers used architect Robert A.M. Stern.
  3. Chelsea took home the trophy for the top contract of the week, with a sale that is one of the highest prices ever sold in that neighborhood. (Walker Tower Condominium at 212 West 18th Street, still holds the Chelsea record with a penthouse that sold for $50.9 million.)

The No.1 contract was Penthouse A at 551 West 21st Street, asking $50 million. This duplex condo has 6,398 square feet with 3 bedrooms and 3.5 bathrooms and terraces totaling 4,579 square feet. The Wow factor is a terrace with a 61-foot swimming pool overlooking the Hudson River; it is outfitted with an outdoor kitchen with gas grills.

The No. 2 contract was the 15th floor at 778 Park Avenue, asking $38 million. The co-op has 3 bedrooms, 4.5 bathrooms, a library, and 3 small terraces. There is a 29-foot entrance gallery, plus 3 wood-burning fireplaces. The living room, dining room, library, and master bedroom all face Park Avenue.

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

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

0

Avg.Asking:$13,955,000

5

Condos

0

6

5

13

Avg.Asking:$10,816,042
Avg.$/sq.ft.:$3,434/sq.ft.
Avg. Size: 3,150 sq.ft.

24

Condops *

0

0

0

0



0

Townhouses

2

0

0

1

Avg.Asking:$8,515,000
Avg.$/sq.ft.:$1,916/sq.ft.
Avg.Size: 4,444 sq.ft.

3

Totals

7

6

5

14

32

Total Weekly Asking Price Sales Volume: $354,905,000
Average Asking Price: $11,090,781
Median Asking Price: $7,500,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:247
*Condop is a co-op with condo rules.

TO VIEW 29 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/15050776ffb71c.htm
http://media.realplusonline.com/webreports/150507bc451a10.htm

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:
http://media.realplusonline.com/webreports/150507169dad57.htm

Donna Olshan
President
dso@olshan.com

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

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