OLSHAN LUXURY MARKET REPORT

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January 19-25, 2015

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

32 Contracts Signed

Another week, another record is set in the Manhattan luxury real estate market. Thirty-two contracts were signed last week at $4 million and above---the biggest week in January since we started keeping track in 2006. Contributing to the record was the 6 contracts reported at 20 East End Avenue, a new condo designed by architect Robert A.M. Stern. The 20 East End contracts ranged from $4.6 to $14.25 million, averaging $2,912/sq.ft. This elegantly-designed limestone building has 43 units with 27 different floorplans, the majority of which feature 3 or more bedrooms. Units have 11-foot ceilings and are appointed with very high-end, stylish finishes.

The No.1 contract was 71A at 25 Columbus Circle, asking $35 million. This Time Warner Center condo has 3,923 square feet including 3 bedrooms, 4.5 bathrooms, and has an expansive view of Central Park. The apartment was purchased for $9.890 million in 2005 by Roy Furman, the chairman of Jeffries Capital Partners, a vice chairman of Lincoln Center, and a 6-time Tony award-winning theatrical producer (among them, "The Book of Mormon," and "A Gentleman’s Guide to Love and Murder").

The No. 2 contract was a townhouse at 21 West 10th Street, asking $21.9 million, reduced $2 million from when it went on the market in May. This 22-foot-wide house has approximately 9,360 square feet with 9 bedrooms, 10 bathrooms, and 2 powder rooms. It is currently configured as an owner’s triplex plus several vacant apartments.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 19-25, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

0

3

Average Ask:$4,747,000

5

Condos

11

3

4

7

Avg.Ask:$8,434,210
Avg.$/sq.ft:$3,071/sq.ft.
Avg.Size: 2,747 sq.ft.

25

Condops *

0

0

0

0



0

Townhouses

0

0

0

2

Avg.Asking:$17,950,000
Avg.$/sq.ft.:$2,451/sq.ft.
Avg.Size: 7,325sq.ft.

2

Totals

12

4

4

12

32

Total Weekly Asking Price Sales Volume: $268,490,250
Average Asking Price: $8,390,320
Median Asking Price: $5,522,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:176
*Condop is a co-op with condo rules.

TO VIEW 30 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/150326d362e221.htm
http://media.realplusonline.com/webreports/150326c9563c3c.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/1503265fb63213.htm

Donna Olshan
President
dso@olshan.com

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

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