OLSHAN LUXURY MARKET REPORT

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April 20-26, 2015

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

41 Contracts Signed

Manhattan was jumping last week with Broadway premieres (Something Rotten!, The Visit, Dr. Zhivago) that grabbed the spotlight—and a luxury real estate market that danced to the tune of a year-to-date high of 41 contracts signed at $4 million and above. Condos outsold co-ops, 28 to 11, nevertheless, it was the highest number of co-op contracts since the first week in December. Two townhouses were in the mix.

The No.1 contract was 14A at 1040 Fifth Avenue, asking $34.5 million, reduced from $43 million when it went on the market in January 2014. This 10-room co-op has 3 bedrooms, 4.5 bathrooms, a library, a master bedroom with a terrace, staff quarters, and an office. The unit features Central Park views from the living room and the formal dining room, off of which is a planting terrace. 14A was purchased in 2008 for $21.42 million by Jeff Blau, the CEO of Related, who then undertook a gut renovation. In March, The Daily News reported that Blau purchased a $51 million townhouse at 113-115 East 70th Street, owned by fashion designer Reed Krakoff, the former executive creative director of Coach.

The No. 2 contract was 14 East 63rd Street, asking $25 million. This 5-story, 25-foot-wide brownstone has 8,519 square feet, and is configured as a 7-bedrooms with 5 bathrooms above a ground-floor gallery space. The house has 4 fireplaces, a south facing garden, and a parlor floor with 14-foot ceilings.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 20-26, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

2

0

2

Avg.Ask: $7,746,923

11

Condos

6

6

1

15

Avg.Ask:$7,746,923
Avg.$/sq.ft.:$2,615/sq.ft.
Avg.Size:2,861sq.ft.

28

Condops *

0

0

0

0



0

Townhouses

1

1

0

0

Avg.Ask:$15,490,000
Avg.$/sq.ft.:$2,210/sq.ft.
Avg. Size: 7,009sq.ft.

2

Totals

14

9

1

17

41

Total Weekly Asking Price Sales Volume: $359,593,850
Average Asking Price: $8,770,582
Median Asking Price: $7,350,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:244
*Condop is a co-op with condo rules.

TO VIEW 39 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/15062541cd4f7d.htm
http://media.realplusonline.com/webreports/15062519913ab8.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/1506250ecc276c.htm

Donna Olshan
President
dso@olshan.com

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

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