OLSHAN LUXURY MARKET REPORT

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March 9-15, 2015

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

37 Contracts Signed

Thirty-seven contracts were signed last week at $4 million and above. Combined with the results of the first week in March, that makes a total of 69 contracts signed as opposed to 48 over the same period last year (a 44% increase).

The No.1 contract was PHSouth at 155 West 11th Street, asking $45 million—the most expensive apartment ever sold in Greenwich Village. The penthouse is a 5,587-square-foot duplex with 4 bedrooms, 4.5 bathrooms, 2 powder rooms, and 3 terraces that total 1,646 square feet. The contract price translates to $8,054/sq.ft. The unit, on the 16th and 17th floor, features floor-to-ceiling windows that showcase a dramatic 47-foot living/dining room with a fireplace and a wrap-around terrace. All 4 bedrooms are downstairs including a 31-foot master bedroom with its own terrace. This is the second penthouse reportedly sold in the Greenwich Lane condo in the last 4 weeks. The condo is being built as a complex of 5 buildings and 5 townhouses on the former St. Vincent’s Hospital site. To date, 81% of its 200 units are under contract, averaging $3,183/sq.ft. Amenities include concierge, doorman, fitness center, pool, children’s room, and garage.

The No. 2 contract is a brownstone at 26 East 80th Street, asking $21 million, that sold within a month of its listing. This 5-story, 23-foot-wide Queen Anne-style house was built in 1888 on a 74-foot lot. It has 7,450 square feet including 6 bedrooms, 6 bathrooms, and 2 powder rooms. There is a large gym in a windowed cellar, and an approximately 990-square-foot irrigated rooftop garden. This landmarked house features many period details including 12-foot ceilings, 7 wood-burning fireplaces, and bay windows. Its last major renovation was in 2001. Annual real estate taxes are $97,986.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 9-15, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

0

4

Avg.Ask:$6,704,375

8

Condos

6

2

4

14

Avg.Ask:$8,927,692
Avg.$/sq.ft.:$3,189/sq.ft.
Avg.Size:2,800sq.ft.

26

Condops *

0

0

0

0



0

Townhouses

1

0

0

2

Avg.Ask:$11,050,000
Avg.$/sq.ft.:$1,905/sq.ft.
Avg.Size: 5,801sq.ft.

3

Totals

9

4

4

20

37

Total Weekly Asking Price Sales Volume: $318,905,000
Average Asking Price: $8,619,054
Median Asking Price: $6,950,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:265
*Condop is a co-op with condo rules.

TO VIEW 34 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/150514ab08dec2.htm
http://media.realplusonline.com/webreports/150514abd99df7.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/1505148f0e286c.htm

Donna Olshan
President
dso@olshan.com

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

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