OLSHAN LUXURY MARKET REPORT

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March 23-29, 2015

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

27 Contracts Signed

March Madness may have gripped basketball fans last week, but if you are a keen observer of the Manhattan luxury real estate market, the month’s action wasn’t one for the record books. The 27 contracts that were signed last week at $4 million and above brought the month’s total to 135 contracts, beating last March’s total of 125 but falling far below the month’s record of 190 contracts that was set in 2013. In that year, two new condos captured the attention of buyers: 150 Charles and 56 Leonard, both of which are still under construction.

The No.1 contract was Apartment 2/3/4 at 2 East 80th Street, asking $22.5 million. This 10-room condo is in a 40-foot-wide limestone mansion. The unit has 5,423 square feet including 4 bedrooms, 4.5 bathrooms, and a dramatic 35-foot living room with 14-foot ceilings. The dining room has 18-foot ceilings and a 15-foot terrace. It was purchased for $8,146,000 in 2002 and then gut renovated.

The No. 2 contract was a townhouse at 36 West 71st Street, asking $14,995,000. This 20-foot-wide house has 4,932 square feet and has been divided into 4 apartments.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 23-29, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

1

0

Avg.Ask: $5,590,714

7

Condos

6

1

1

9

Avg.Ask:$7,045,000
Avg.$/sq.ft.:$2,650/sq.ft.
Avg.Size:2,658sq.ft.

17

Condops *

0

0

0

0



0

Townhouses

1

1

0

1

Avg.Ask:$10,748,333
Avg.$/sq.ft.:$2,089sq.ft.
Avg.Size:5,144sq.ft.

3

Totals

12

3

2

10

27

Total Weekly Asking Price Sales Volume: $191,145,000
Average Asking Price: $7,079,444
Median Asking Price: $5,495,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:214
*Condop is a co-op with condo rules.

TO VIEW 24 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/15052886799706.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/150528b9442685.htm

Donna Olshan
President
dso@olshan.com

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

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