OLSHAN LUXURY MARKET REPORT

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August 24-30, 2015

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

22 Contracts Signed

Unlike the roller-coaster ride that has been the stock market, the Manhattan luxury real estate market has chugged along at a steady if unspectacular pace. Twenty-two contracts were signed last week at $4 million and above, with condos out selling co-ops 17 to 3. There was 1 condop and 1 townhouse in the mix.

The No. 1 contract was a townhouse at 24 West 11th Street, asking $20 million. This 21-foot-wide Greek Revival house has 4 stories and 6,250 square feet including 4 bedrooms, a library, 4 bathrooms, 2 powder rooms, and an elevator. After completing a renovation, it was purchased by the current seller in 2009 for $12,219,000.

The No. 2 contract was 11C at 150 Charles Street, asking $16,950,000. This 3-bedroom, 3.5-bathroom condo has 2,743 square feet, and features spectacular Hudson River views from a 38-foot living room/dining room. When the building opened for sale in February 2013, the unit was sold off of floorplans for $12,250,000. The developer Witkoff, allowed the buyer to assign the contract on 11C, earning what is likely a handsome profit for the contract-holder. 150 Charles has completed most of its construction and started closings this summer.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 24-30, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

0

0

3

Avg.Ask:$7,081,667

3

Condos

2

2

1

12

Avg.Ask:$7,070,471
Avg.$/sq.ft.$2776/sq.ft.
Avg.Size:2,547sq.ft.

17

Condops *

0

0

0

1

Avg.Ask:$14,999,000
Avg.$/sqft.:$3,607/sq.ft.
Avg.Size:4,156sq.ft.

1

Townhouses

0

0

0

1

Avg.Ask:$20,000,000
Avg.$/sq.ft.:$3,200/sq.ft.
Avg.Size:6,250 sq.ft.

1

Totals

2

2

1

17

22

Total Weekly Asking Price Sales Volume: $176,442,000
Average Asking Price: $8,020,091
Median Asking Price: $6,744,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:274
*Condop is a co-op with condo rules.

TO VIEW 21 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/151030752850b3.htm


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/15102927cfd627.htm

Donna Olshan
President
dso@olshan.com

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

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