OLSHAN LUXURY MARKET REPORT

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June 29-July 5, 2015

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

23 Contracts Signed

No single property lit up the night sky in the Manhattan luxury real estate market last week, but 23 contracts signed at $4 million and above was a respectable bang for a July 4th holiday week.

The No. 1 contract was PHC at 443 Greenwich Street, asking $15 million, increased $250,000 from when it started on the market in October. This condo duplex has 3,438 square feet including 3 bedrooms and 3.5 bathrooms, plus a spectacular terrace upstairs. The building is a former factory, built in the 1880s, that was converted into a 53-unit condo and retains some of the original details, like large windows and huge shutters. Amenities include a lap pool, fitness center, garage with valet parking, a landscaped courtyard, and a roof deck.

The No. 2 contract was Apartment 1101 at 344 West 72nd Street, asking $9.8 million. This 4-bedroom, 4.5-bathroom unit has 3,600 square feet, and is in The Chatsworth, a 161-unit rental building being converted to a co-op by HFZ Capital Group that purchased the property for $150 million at the end of December 2012.

Finally, can we talk? The Real Deal reported that the prewar penthouse apartment at 1 East 62nd Street owned by the late comedian Joan Rivers closed last week. The sale has not been publicly recorded, but the last asking price was $28 million for the 5,100-square-foot triplex condo featuring a ballroom with 23-foot ceilings, plus 4 bedrooms, 4.5 bathrooms, and 2 terraces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 29-July 5, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

5

0

1

Avg.Ask:$5,857,500

8

Condos

1

1

3

8

Avg.Ask:$6,259,615
Avg.$/sq.ft.:$2,548/sq.ft.
Avg.Size:2,457sq.ft.

13

Condops *

0

0

1

0

Avg.Ask:$6,250,000
Avg.$/sq.ft.:$2,614/sq.ft.
AvgSize:2,391sq.ft.

1

Townhouses

0

0

0

1

Avg.Ask:$5,000,000
Avg.$/sq.ft.$1,425/sq.ft.
Avg.Size:3,509sq.ft.

1

Totals

3

6

4

10

23

Total Weekly Asking Price Sales Volume: $139,485,000
Average Asking Price: $6,064,565
Median Asking Price: $5,275,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:165
*Condop is a co-op with condo rules.

TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 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/150903b9c0a205.htm

Donna Olshan
President
dso@olshan.com

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

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