OLSHAN LUXURY MARKET REPORT

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April 6-12, 2015

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

30 Contracts Signed

Thirty properties went to contract last week in Manhattan at $4 million and above. Just barely above. The average asking price was $6,377,667, well below the $8.6 million average since the beginning of the year. For whatever reason, the action shifted from higher to lower prices. Is this the beginning of a trend? Only time will tell.

The No.1 contract was Unit 4 at 224 Mulberry Street, asking $13.5 million. This 4,160-square- foot condo has 4 bedrooms, 3.5 bathrooms, a wood burning fireplace, 14-foot ceilings, and a kitchen with Smallbone Devizes cabinets, plus 2 terraces off the bedrooms. The unit also comes with 2 parking spots, and storage. Three of the six units in this new 8-story boutique building have been sold at over $3,200/sq.ft.

The No. 2 contract was 2401 at 150 Central Park South, asking $13 million, reduced from $14.9 million when it went on the market in September. This Hampshire House Hotel co-op has 3 bedrooms and 2.5 bathrooms. The unit features spectacular Central Park views from a 29-foot living room, kitchen, dining room, and master bedroom.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 6-12, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

3

1

Avg.Ask:$6,724,375

8

Condos

4

3

0

15

Avg.Ask:$6,251,591
Avg.$/sq.ft.:$2,346/sq.ft.
Avg. Size: 2,665 sq.ft.

22

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

7

4

3

16

30

Total Weekly Asking Price Sales Volume: $191,330,000
Average Asking Price: $6,377,667
Median Asking Price: $5,740,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:229
*Condop is a co-op with condo rules.

TO VIEW 30 CONTRACTS SIGNED ON APARTMENTS:
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http://media.realplusonline.com/webreports/150611c7685e43.htm

TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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