OLSHAN LUXURY MARKET REPORT

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September 22-28, 2014

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

30 Contracts Signed

Thirty contracts were signed at $4 million and above last week, closing out a record September as well as a record third quarter since we started keeping track in 2007. Sales were up 19% over the 3rd quarter last year, mostly due to one building: 30 Park Place. This is the new Four Seasons Hotel condominium, designed by Robert A.M. Stern, that has racked up 41 contracts at $4 million and above since July 1, averaging $3,019/square foot. The winning formula in new construction seems to be buildings designed with high-end finishes by a prominent architect with prices that hover around $3,000/sq.ft.

The No. 1 sale of the week was PHC at 151 East 78th Street, asking $27.5 million for a 6,924-square-foot duplex that includes 6 bedrooms, 7.5 bathrooms, and a 31-foot terrace. This unit is in a new 16-story condo building designed by the renowned classical architect Peter Pennoyer. Sales started in March, and within 6 weeks the building had sold over half of its 14 units with prices starting at $10,000,000 for 3,966 square feet. Full-floor units averaged $2,799/square foot. Two penthouses remain for sale.

The No. 2 contract was a 25-foot-wide limestone townhouse at 39 East 67th Street, asking $22.5 million, and it sold almost immediately after listing. This house was built in 1904, and has 9,444 square feet divided into a ground-floor duplex doctor’s office with 4 apartments above it. The house has a glass conservatory on top.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 22-28, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

1

0

Avg.Asking:$5,181,667

3

Condos

6

1

9

7

Avg.Asking:$7,479,783
Avg.$/sq.ft.:$2,996/sq.ft.
Avg.Size: 2,497 sq.ft.

23

Condops *

0

0

0

0



0

Townhouses

3

0

0

1

Avg.Asking:$12,192,500
Avg.$/sq.ft.:$2,218/sq.ft.
Avg.Size: 6,186 sq.ft.

4

Totals

11

1

10

8

30

Total Weekly Asking Price Sales Volume: $236,170,000
Average Asking Price: $7,872,333
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:180
*Condop is a co-op with condo rules.

TO VIEW 26 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/141127b3481453.htm
http://jagmedia1web.airpear.net/WebReports/Saved/WebReport_20140929065606_5467.html

TO VIEW 4 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://jagmedia1web.airpear.net/WebReports/Saved/WebReport_20140929070107_5467.html

Donna Olshan
President
dso@olshan.com

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

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