OLSHAN LUXURY MARKET REPORT

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November 10-16, 2014

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

24 Contracts Signed

Ok, readers, pop quiz: Would you rather spend $81.9 million for Andy Warhol’s Triple Elvis, which sold at auction last week at Christie’s, or $47.5 million for a fabulous New York apartment in the sky?

While the contemporary art market racked up two of the biggest weeks in auction history, with over $2 billion in sales, the luxury Manhattan real estate market had a couple of big scores itself. Twenty-four contracts were signed last week at $4 million and above, as the top 2 spots were among the biggest Downtown condo sales of the year.

The No. 1 contract was PH2 at 212 West 18th Street, asking $47.5 million. The condo has 6,738 square feet including 5 bedrooms, 5.5 bathrooms, a 479-square-foot terrace, and 360-degree views. The penthouse is in Walker Tower, and was featured in last week’s New York Times Home Section in an article about the luxury bathroom-design trend of placing a huge tub in front of a big window. The Times called it: “power washing.” Walker Tower has some of the highest quality finishes ever seen in new construction in Manhattan including herringbone floors with radiant heat throughout, kitchens outfitted with Smallbone Devizes cabinets, marble and limestone countertops, and an ultra-luxury appliance package. One unique feature of the building is a built-in humidification system, the same system that is used in museums. Amenities also include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

The No. 2 contract was the 22nd floor at 10 Madison Square West, asking $35 million and sold off of floorplans. The condo has 6,515 square feet with 5 bedrooms, 6 bathrooms, and 3 terraces totaling 1,736 square feet. The apartment has spectacular views of the city. 10 Madison Square West is the former Toy Building that was bought out of foreclosure by the Witkoff Group in 2011. Interiors, designed by Alan Wanzenberg, feature high-end finishes and ceiling heights over 10 feet. Amenities include doormen, concierge, and a 10,000-square-foot fitness center with a lap pool, yoga studio, and children’s playroom. The developer says only 2 units out of 124 are left, asking $11.95 million and $14 million.

So readers, what’s your choice? Warhol or one of last week’s top two sales?

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 10-16, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

0

0

Avg.Asking:$8,677,000

5

Condos

2

3

1

12

Avg. Asking:$13,637,778
Avg.$/sq.ft.:$4,037/sq.ft.
Avg.Size: 3,378sq.ft.

18

Condops *

0

0

0

0



0

Townhouses

0

0

0

1

Avg.Asking:$13,850,000
Avg.$/sq.ft.:$2,043/sq.ft.
Avg.Size: 6,780 sq.ft.

1

Totals

5

5

1

13

24

Total Weekly Asking Price Sales Volume: $302,665,000
Average Asking Price: $12,611,042
Median Asking Price: $8,575,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:215
*Condop is a co-op with condo rules.

TO VIEW 23 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/15011597d34053.htm


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/150114515041a3.htm

Donna Olshan
President
dso@olshan.com

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

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