OLSHAN LUXURY MARKET REPORT

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May 11-17, 2015

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

38 Contracts Signed

The Manhattan real estate market galloped to 38 contracts signed last week at $4 million and above, a performance as sure and steady as American Pharoah’s victory in the Preakness. Condos outsold co-ops, 25-9, and there were 4 townhouses in the mix; 38% of the apartments sold were off of floorplans.

The No.1 contract was 14/15A at 895 Park Avenue, asking $18 million. This 3 bedroom, 5.5-bathroom duplex co-op was listed at the end of April. The unit features 3 planting terraces off the living room, a paneled library, and formal dining room. The last time the apartment traded, it was sold for $12.65 million in January 2005.

The No. 2 contract was Unit 607 at 1 Central Park South, asking $15 million. This 2,248-foot apartment in the Plaza Hotel Condominium has 3 bedrooms, 3 bathrooms, and 11-foot ceilings. The apartment spans 70 feet overlooking Central Park. It last sold for $13.05 million in December 2011.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 11-17, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

1

1

3

Avg.Ask:$6,833,889

9

Condos

6

5

5

9

Avg.Ask:$7,358,800
Avg.$/sq.ft.:$2,880/sq.ft.
Avg.Size:2,555sq.ft.

25

Condops *

0

0

0

0



0

Townhouses

2

0

0

2

Avg.Ask:$7,948,750
Avg.$/sq.ft.:$1,942/sq.ft.
Avg.Size:4,094sq.ft.

4

Totals

12

6

6

14

38

Total Weekly Asking Price Sales Volume: $277,269,999
Average Asking Price: $7,296,579
Median Asking Price: $6,310,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:245
*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/150716721b9759.htm
http://media.realplusonline.com/webreports/15071769321ccf.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/1507175b93bd9f.htm

Donna Olshan
President
dso@olshan.com

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

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