OLSHAN LUXURY MARKET REPORT

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May 18-24, 2015

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

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, not too shabby a total as we headed into a major holiday weekend. Condos out sold co-ops 17-6; there were 2 townhouses and 1 condop in the mix.

The No.1 contract was the 4th floor at 823 Park Avenue, asking $13.750 million. This 9-room apartment has 5 bedrooms, 4.5 bathrooms, and 4,184 square feet. The living room and library span 45 feet across Park Avenue. It has 10-foot coffered ceilings and 2 gas fireplaces. The apartment, one of 12 units in the building, is in excellent condition. It last sold for $11,200,750 in December 2007.

For the second week in a row, the No. 2 contract was a unit in the Plaza Hotel Condominium. Unit 1603 was asking $11.45 million. It is a 1,985-square-foot unit that has 5 rooms including 2 bedrooms and 2.5 bathrooms. All the rooms face Central Pak. The apartment is being sold by Sony Music CEO Doug Morris, who purchased it in 2007 for $8,997,168.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 18-24, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

4

Avg.Ask:$5,981,667

6

Condos

4

4

1

8

Avg.Ask:$7,140,588
Avg.$/sq.ft.:$2,804
Avg.Size:2,546sq.ft.

17

Condops *

1

0

0

0

Avg.Ask:$4,200,000
Avg.$/sq.ft.:$2,545/sq.ft.
Avg.Size:1,650sq.ft.

1

Townhouses

1

1

0

0

Avg.Ask:$6,695,000
Avg.$/sq.ft.:$1,388/sq.ft.
Avg.Size:4,825sq.ft.

2

Totals

8

5

1

12

26

Total Weekly Asking Price Sales Volume: $174,870,000
Average Asking Price: $6,725,769
Median Asking Price: $5,785,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:163
*Condop is a co-op with condo rules.

TO VIEW 24 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/1507230a9d199a.htm


TO VIEW 2 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/1507236134f00c.htm

Donna Olshan
President
dso@olshan.com

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

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