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

38 Contracts Signed

Being that the Yankees and Mets opened their 2013 season on April 1, it seems only appropriate that my thoughts would turn to Yogi Berra for guidance in interpreting last week’s luxury real estate market. To quote Mr. Berra, it was déjà vu all over again: 38 contracts were signed at $4 million and above, and for yet another week, the stats were boosted by new developments. Of the 38, 16 were sold off floorplans at 56 Leonard Street, a condo that will not be completed for 2 to 3 years.

The No.1 contract was Apartment 16A at 720 Park, asking $25 million. It took less than a month to sell this 10-room co-op that has 3 bedrooms, 4.5 baths, 2 fireplaces, and 5 terraces. The unit has 90-feet of frontage facing Park Avenue, and is in excellent condition.

The No. 2 contract was a combination deal: 2 condos on the 8th floor at 521 Park Avenue that together were asking $12,950,000. Before last week’s contract, the 2 units were purchased in September 2012 for $9.525 million. When the building was first built in 1912, the space was conceived as 1 unit with 4,100 square feet including a living room, library, formal dining room, 4 bedrooms, 4 maid’s rooms, 4 baths, and 2 fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 1-7, 2013

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	1	4	2	3	Avg.Price:$8,898,000	10
Condos	2	1	2	22	Avg.Price:$6,248,542 Avg.$/sq.ft: $2,706/sqft. Avg.Sq.Ft: 2,309sq.ft.	27
Condops *	0	0	0	1		1
Townhouses	0	0	0	0	Avg.Price:$4,250,000 Avg.$/sq.ft.:$1,476/sq.ft. Avg.Sq.Ft.:2,880sq.ft.	0
Totals	3	5	4	26		38

Total Weekly Asking Price Sales Volume: $257,770,000
Average Asking Price: $6,783,421
Median Asking Price: $5,800,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:159
*Condop is a co-op with condo rules.

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Donna Olshan
President
dso@olshan.com

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

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