OLSHAN LUXURY MARKET REPORT

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July 21-27, 2014

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

18 Contracts Signed

Guess it was too hot not to cool down. And I am not talking about the weather: The Manhattan real estate luxury market, after a July-record three-week run, finally settled into typical summer rhythm, as only 18 contracts were signed at $4 million and above. So far, the average asking price is up 6% over last July.

The No.1 contract: was Apartments 9G and 9M at 15 Central Park West, asking $29 million, reduced from $32 million when they went on the market over a year ago. These 2 apartments need to be combined. They were bought separately by the same owner between 2010 and 2011 for a total of $21,650,000. The 3-bedroom and 2-bedroom units total 4,077 square feet, plus terraces that add up to 3,088 square feet and feature city views with little peeks of Central Park. The asking price translates to $7,113/sq.ft--no surprise for the No.1 condo in New York, and one of the most famous residential buildings in the world.

The No. 2 contract was PHB at 71 Laight Street, asking $23 million. This 5,620-square-foot duplex has 6 bedrooms, 5 baths, 3 powder rooms, a family room, and a 2,625 square foot terrace. It is in the new Sterling Mason condominium, a former masonry warehouse loft that is being transformed into 32 units with amenities that include a concierge, doorman, fitness center, yoga studio, children’s playroom, and a garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 21-27, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

1

Avg.Asking:$5,800,000

6

Condos

3

3

1

5

Avg.Asking:$11,089,583
Avg.$/sq.ft.:$3,895/sq.ft.
Avg.Size:2,847sq.ft.

12

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

8

3

1

6

18

Total Weekly Asking Price Sales Volume: $167,475,000
Average Asking Price: $9,304,167
Median Asking Price: $7,100,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:150
*Condop is a co-op with condo rules.

TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS:
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http://media.realplusonline.com/webreports/1409250c4576ae.htm


TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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