OLSHAN LUXURY MARKET REPORT

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July 14-20, 2014

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

20 Contracts Signed

The first 3 weeks of July saw 72 contracts signed at $4 million and above. That is an 11% increase over last July at this time. The activity has been fueled by new construction, particularly in the Four Seasons condo downtown at 30 Park Place.

Of the 20 contracts signed last week, the No.1 deal was 58A at 157 West 57th Street, asking $36 million, one of the first contracts to be signed on a resale in the building. Unit 58A closed in May for $30,551,000, and was immediately put back on the market at $40 million. It was then reduced to $36 million before selling. It is a 3-bedroom, 4.5-bath apartment, and its 4,483 square feet features spectacular views of Central Park from a 58-foot living room/dining room that has 12-foot ceilings. 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, which has a separate entrance for its 210 rooms and is set to open at the end of August. The condo’s amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and garage. I got a sneak preview of the Park Hyatt lobby, and it is downright fabulous. The developer, Extell, is reporting 75% of the apartments sold, and the opening of the hotel is likely to accelerate sales of the remaining units.

The No. 2 contract was 12B at 551 West 21st Street, asking $11.8 million. The 3,860-square-foot unit has 3 bedrooms and 3.5 bathrooms, and was sold off of floorplans. This new High Line-area condo was designed by Foster+Partners, home of the Pritzker Prize-winning architect Sir Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a gated drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting 17 contracts signed out of 44 units, averaging $2,910/sq.ft.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 14-20, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

1

Avg.Asking:$5,287,500

2

Condos

1

1

2

11

Avg.Asking:$8,758,667
Avg.$/sq.ft.:$3,420/sq.ft.
Avg.Size:2,561sq.ft.

15

Condops *

0

0

0

0



0

Townhouses

1

0

0

2

Avg.Asking:$7,130,000
Avg.$/sq.ft.:$1,874/sq.ft.
Avg.Size:3,804sq.ft.

3

Totals

3

1

2

14

20

Total Weekly Asking Price Sales Volume: $163,340,000
Average Asking Price: $8,167,000
Median Asking Price: $6,445,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:162
*Condop is a co-op with condo rules.

TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES:
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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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