OLSHAN LUXURY MARKET REPORT

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May 25-31, 2015

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

27 Contracts Signed

This stat came out of the blue, a record performance in the Manhattan luxury real estate market that caught me by surprise. Twenty-seven contracts were signed last week at $4 million and above, bringing the total number for the month of May to 157, the most since we started keeping track 10 years ago. That’s 12 more contracts signed over May 2014, an 8% increase.

For you stat geeks, here’s the total contract volume, which is also a record for May: $1,162,890,544 compared to last year’s $1,090,794,250.

The No.1 contract last week was PHC at 551 West 21st Street, asking $40 million. This 6,137-square-foot unit occupies the entire 18th floor, and has 3 bedrooms, 3.5 bathrooms, a 30-foot chef’s kitchen, a 57-foot terrace off the living room, and 11.5-foot ceilings. Designed by Foster+Partners, home of the Pritzker-prize winning architect Sir Norman Foster, the developer is reporting contracts signed on 28 out of 44 units, averaging $3,372/sq.ft.

The No. 2 contract was the 14th floor at 210 West 77th Street, asking $12 million. This 3,519-square-foot unit has 5 bedrooms, 4.5 bathrooms, and 2 large terraces. It features a 35-foot living room with a fireplace and a kitchen outfitted with cabinets by Smallbone of Devizes. Designed by Thomas Juul-Hansen, the developer is reporting contracts signed on 15 out of 25 units, averaging $2,590/sq.ft.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 25-31, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

2

1

Avg.Ask:$7,115,833

6

Condos

2

4

4

9

Avg.Ask:$8,015,568
Avg.$/sq.ft.:$2,721/sq.ft.
Avg.Size:2,945sq.ft.

19

Condops *

0

0

0

0



0

Townhouses

0

0

1

1

Avg.Ask:$6,225,000
Avg.$/sq.ft.:$1,447/sq.ft.
Avg.Size:4,301sq.ft.

2

Totals

5

4

7

11

27

Total Weekly Asking Price Sales Volume: $207,440,800
Average Asking Price: $7,682,993
Median Asking Price: $5,895,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:207
*Condop is a co-op with condo rules.

TO VIEW 25 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/150730eb1cc3d9.htm


TO VIEW 2 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/150730aa68f7a4.htm

Donna Olshan
President
dso@olshan.com

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

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