OLSHAN LUXURY MARKET REPORT

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April 13-19, 2015

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

32 Contracts Signed

April 15 has come and gone, and the heavy hitters still had enough after-tax cash to keep the Manhattan luxury real estate market humming a happy tune: 32 contracts were signed last week at $4 million and above, as condos out sold co-ops 22 to 7, with 3 townhouses in the mix.

The No.1 contract was the Penthouse at 737 Park Avenue, asking $39.5 million. This duplex condo has 5,772 square feet with 1 fireplace and 2 terraces that total 6,028 square feet. It was a sold by the sponsor, Macklowe Properties, not as a fully-finished property but as an empty, newly-painted-white shell, for which the buyer is responsible for the renovation. The developer’s proposed layout can accommodate 4 bedrooms, 1 maid’s room, and 6.5 baths. 737 Park Avenue was a rental building that was recently transformed into a condo.

The No. 2 contract was 5C at 145 Central Park West, asking $18.5 million, selling after 1 year on the market without lowering the price. This 5 bedroom, 6.5 bathroom co-op is in the San Remo, known for its celebrity owners and its distinctive Italian Renaissance-inspired architecture, designed by Emery Roth in 1929. This 12-room corner unit has a 32-foot living room, a library, and a 27-foot formal dining room—all facing Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 13-19, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

1

1

1

Avg.Ask:$6,959,999

7

Condos

2

3

5

12

Avg.Ask:$8,715,500
Avg.$/sq.ft.:$2,965/sq.ft.
Avg.Size: 2,940 sq.ft.

22

Condops *

0

0

0

0



0

Townhouses

2

1

0

0

Avg.Ask:$6,113,333
Avg.$/sq.ft.:$1,668/sq.ft.
Avg.Size:3,665sq.ft.

3

Totals

8

5

6

13

32

Total Weekly Asking Price Sales Volume: $258,800,995
Average Asking Price: $8,087,531
Median Asking Price: $5,887,498
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:183
*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/1506193d3bb854.htm
http://media.realplusonline.com/webreports/15061864ca498d.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/150616dbce219a.htm

Donna Olshan
President
dso@olshan.com

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

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