OLSHAN LUXURY MARKET REPORT

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May 4-10, 2015

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

32 Contracts Signed

Not since the Lehman debacle and the dawn of the Great Recession in the Fall of 2008, have we reported a No. 1 contract in the UN area. During that same period, this apartment is also the most expensive condo that has gone to contract in the UN-Beekman-Sutton neighborhood.

Of the 32 contracts signed last week at $4 million and above in Manhattan, the No.1 slot goes to PH36 at 50 UN Plaza, asking $23,250,000. This 5,893-square-foot unit has 5 bedrooms, 6.5 bathrooms, and 2 staff rooms. It also features a 73-foot expanse of living room, dining room, and library with 11-foot ceilings and sweeping city views. It is in a new 88-unit condo designed by Foster+Partners, home of Sir Norman Foster, the Pritzker Prize-winning architect. Condo amenities include a 75-foot swimming pool, gym, conference facilities, and valet parking.

The No. 2 contract was 14D at 10 Madison Square West, asking $14 million. This corner 4-bedroom, 4.5-bathroom unit has 3,309 square feet with a 22’ x 37’ great room facing South and East over Madison Square Park. It is the last apartment to sell in this 125-unit building, and the price translates to $4,231/sq.ft., a 61% increase over the original price in the 2013 offering plan.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 4-10, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

0

2

Avg.Ask:$5,950,000

5

Condos

4

3

8

8

Avg.Ask:$7,006,477
Avg.$/sq.ft.:$2,572/sq.ft.
Avg.Size: 2,724sq.ft.

23

Condops *

0

0

0

0



0

Townhouses

2

1

0

1

Avg.Ask:$7,798,750
Avg.$/sq.ft.:$1,774/sq.ft.
Avg.Size:4,397sq.ft.

4

Totals

8

5

8

11

32

Total Weekly Asking Price Sales Volume: $222,093,970
Average Asking Price: $6,940,437
Median Asking Price: $5,800,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:251
*Condop is a co-op with condo rules.

TO VIEW 28 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/150710c7518103.htm
http://media.realplusonline.com/webreports/150710d91eb5ca.htm

TO VIEW 4 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/1507093cb77686.htm

Donna Olshan
President
dso@olshan.com

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

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