OLSHAN LUXURY MARKET REPORT

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September 8-14, 2014

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

21 Contracts Signed

Heading into Fall, the Manhattan luxury real estate market continues to hum along at a steady pace with 21 contracts signed last week at $4 million and above. Condos out sold co-ops, 13 to 6, and there was 1 condop and 1 townhouse in the mix.

The No.1 contract was PHA at 500 West 21st Street, asking $16 million for a 4-bedroom, 4.5-bath condo with 3,908 square feet. The unit was sold off floorplans, and features a dramatic entrance gallery with a skylight. It also has a 630-square-foot terrace that can be accessed from the 31-foot living room with a wood-burning fireplace. This new High Line area condo, designed by Kohn Pedersen and Fox, will have 32 apartments, plus amenities that include concierge, a fitness center, and parking.

The No. 2 contract was a brownstone at 31 West 76th Street, asking $12 million, reduced from $14.9 million when it went on the market in February 2013. This 5-story house is 20-feet wide with 5,513 square feet including 5 bedrooms, 5 bathrooms, 2 powder rooms, and a landscaped garden. The brownstone, which was built in 1887, was purchased for $2.15 million in 1998, and the subsequent renovation preserved mahogany and oak paneling, floors, and staircase.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 8-14, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

3

0

0

Avg.Asking:$6,265,833

6

Condos

1

1

2

9

Avg.Askng:$6,882,308
Avg.$/sq.ft.:$2,793/sq.ft.
Avg.Size:2,464 sq.ft.

13

Condops *

1

0

0

0

Avg.Asking:$8,950,000
Avg.$/sq.ft.:$3,179/sq.ft.
Avg.Size:2,815 sq.ft.

1

Townhouses

0

1

0

0

Avg.Asking:$12,000,000
Avg.$/sq.ft.:$2,177/sq.ft.
Avg.Size:5,513 sq.ft.

1

Totals

5

5

2

9

21

Total Weekly Asking Price Sales Volume: $148,015,000
Average Asking Price: $7,048,333
Median Asking Price: $5,795,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:258
*Condop is a co-op with condo rules.

TO VIEW 20 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/141113ce69b390.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/14111359e7f4dc.htm

Donna Olshan
President
dso@olshan.com

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

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