OLSHAN LUXURY MARKET REPORT

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December 14-20, 2015

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

32 Contracts Signed

It’s beginning to look a lot like Christmas in the Manhattan luxury real estate market. After two so-so weeks of sales, a jolly 32 contracts were signed at $4 million and above. Ho-ho-ho!

The No.1 contract was a townhouse at 14 East 11th Street, asking $25 million. This Greek revival house has 7,400 square feet including 5 bedrooms and 6.5 bathrooms, plus a garden and roof terrace totaling 1,200 square feet. The house was sold in 2011 for $7,651,000, and then resold the following year for $8,950,000. It was then gut renovated and expanded with high end finishes, and an elevator was added along with a 10-zone central air conditioning system and radiant heat floors.

The No. 2 contract was 51C at 157 West 57th Street, asking $18,995,000, representing a loss for the owner who bought the condo in April for $20,368,500 from developer Extell. The unit has 3,466 square feet including 4 bedrooms and 4.5 baths; it has Central Park views from the 43-foot living room, master suite, and foyer. The building was designed by Pritzker Prize-winning architect Christian de Portzamparc with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above a 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 14-20, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

0

4

Avg.Ask:$7,111,500

10

Condos

1

3

1

12

Avg.Ask:$8,777,471
Avg.$/sq.ft.:$3,093/sq.ft.
Avg.Size:2,838sq.ft.

17

Condops *

0

0

0

0



0

Townhouses

1

1

0

3

Avg.Ask:$13,600,000
Avg.$/sq.ft.:$2,490/sq.ft.
Avg.Size:5,491sq.ft.

5

Totals

7

5

1

19

32

Total Weekly Asking Price Sales Volume: $288,682,000
Average Asking Price: $9,021,313
Median Asking Price: $6,725,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:182
*Condop is a co-op with condo rules.

TO VIEW 27 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/160218a4e2b649.htm
http://media.realplusonline.com/webreports/160218addd1e1d.htm

TO VIEW 5 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/1602181aedbf29.htm

Donna Olshan
President
dso@olshan.com

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

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