OLSHAN LUXURY MARKET REPORT

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October 20-26, 2014

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

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, and so the trend remains intact: New Downtown condos continue to outsell the rest of the market. Last week’s total, for example, included only 2 co-ops and 1 townhouse with contracts signed.

The No.1 contract: was the Penthouse duplex at 21 East 26th Street, asking $22.5 million. According to The Daily News the buyer was pop star Jennifer Lopez. This 6,540-square-foot condo has 4 bedrooms, 2 powder rooms, and 4 terraces totaling 3,108 square feet. The living room has 12-foot ceilings, and two of the terraces face Madison Square Park. The penthouse is in a 6-story, 30-foot-wide building that was built in 1924, and purchased by a developer for $13,250,000 in 2011. Now called The Whitman, it was divided into 4 full-floor units--each with 4,967 square feet--that closed a year ago at prices ranging between $9.25 million to $10 million. Amenities include a doorman, gym, and storage space. Chelsea Clinton and 4-time Nascar champion driver Jeff Gordon are among the residents. A year ago, Gordon cashed out of his 15 Central Park West unit for $25 million.

The No. 2 contract was another duplex condo: Penthouse 7A at 140 West 12th Street, asking $18.5 million. It has 4,317 square feet including 4 bedrooms, 4.5 baths, and 2 terraces and a balcony that total 1,174 square feet. The penthouse was sold off of floorplans in the new Greenwich Lane, a 5-building, 200-unit condo complex being developed by the Rudin Organization on the former St. Vincent’s Hospital site in the heart of Greenwich Village. Sales started a year ago, and the developer is reporting 70% sold, averaging $3,165/sq.ft. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage space.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 20-26, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

1

Avg.Asking:$6,875,000

2

Condos

3

1

0

13

Avg.Asking:$8,060,882
Avg.$/sq.ft.:$2,804/sq.ft.
Avg.Size:2,875 sq.ft.

17

Condops *

0

0

0

0



0

Townhouses

0

1

0

0

Avg.Asking:$10,975,000
Avg.$/sq.ft.:$1,985/sq.ft.
Avg.Size:5,528 sq.ft.

1

Totals

4

2

0

14

20

Total Weekly Asking Price Sales Volume: $161,400,000
Average Asking Price: $8,070,000
Median Asking Price: $6,175,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:195
*Condop is a co-op with condo rules.

TO VIEW 19 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/1412250397fb85.htm

Donna Olshan
President
dso@olshan.com

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

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