OLSHAN LUXURY MARKET REPORT

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June 22-28, 2015

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

30 Contracts Signed

With the July 4th weekend approaching, here’s a firecracker of a stat: In the first 6 months of this year, 751 properties had contracts signed at $4 million and above, 49 more than over the same period in 2014. The volume was $6,100,911,973, up from last year’s $5,754,343,800. Condos out sold co-ops 484 to 184; and 79 houses were in the mix, an 8% increase in the number of houses sold over the same period last year. Oh, by the way, 4 condops were also sold.

Of the 30 contracts signed last week at $4 million and above, the No. 1 slot goes to 42 West 71st Street, asking $19.950 million, reduced from $23.5 million when it went on the market in October 2013. This 5-story, 20-foot-wide brownstone was extensively renovated after being purchased for $6.345 million in March 2011. The house has 8,560 square feet including 5 bedrooms, 7 bathrooms, 2 powder rooms, an elevator, a roof-top terrace, and a south-facing garden.

The No. 2 contract was 340 West 12th Street, asking $14 million, reduced from $27 million when it started on the market in April 2014. This 4-story, 24-foot-wide house has a separate carriage house in its rear garden. The property was purchased for $11 million in September 2012, and is being sold gutted with a set of plans that have been approved by the NYC Department of Buildings.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 22-28, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

1

1

Avg.Ask:$5,932,500

6

Condos

5

3

4

7

Avg.Ask:$7,134,269
Avg.$/sq.ft.:$2,631/sq.ft.
Avg.Size:2,712sq.ft.

19

Condops *

0

0

0

0



0

Townhouses

2

2

0

1

Avg.Ask:$10,967,808
Avg.$/sq.ft.:$1,615/sq.ft.
Avg.Size:6,792sq.ft

5

Totals

10

6

5

9

30

Total Weekly Asking Price Sales Volume: $225,985,114
Average Asking Price: $7,532,837
Median Asking Price: $6,922,500
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:202
*Condop is a co-op with condo rules.

TO VIEW 25 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/15082792926547.htm


TO VIEW 5 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/150827dcde373f.htm

Donna Olshan
President
dso@olshan.com

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

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