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

42 Contracts Signed

As T.S Elliot famously wrote: “April is the cruelest month.” Not this year. The first week of April registered 38 contracts signed at $4 million and above, and last week’s total of 42 sales was even more impressive. Drilling down into the numbers, the story hasn’t changed much: Condos out paced co-ops 31-7, and there were 4 townhouse sales. Year-to-date contracts in the luxury market look like this: 311 condos, 90 co-ops, 4 condops, and 41 townhouses, bringing the volume to $3.35 billion. Of the 311 condos sold, 161 were sold off of floorplans in just 2 buildings, 56 Leonard and 150 Charles, where construction will not be completed for 2 to 3 years.

The No.1 contract, however, wasn’t new construction. It was Apartment 10C at 737 Park Avenue, asking $17.5 million, in a building being transformed from a rental to a condo by Macklowe Properties. This 5-bedroom, 6.5-bath corner unit has 4,657 square feet, and wraps around the corner of Park and 71st Street with a 41-foot living room and library.

The No. 2 contract was Apartment 11B at 150 Charles Street, asking $15 million for 4 bedrooms, 4.5 bathrooms, and 3,396 square feet. The foyer, living room, master bedroom, and library offer views of the Hudson River. This 91-unit, 16-story condo will be a glass-and-red-brick construction with 33,000 square feet of lush landscaped gardens. Amenities include a full staff, fitness center, pool, and garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 8-14, 2013

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	5	0	0	2	Avg.Price:$6,085,714	7
Condos	5	3	2	21	Avg.Price:$7,064,677 Avg.$/sq.ft:$2,864/sq.ft. Avg.Size:2,467sq.ft.	31
Condops *	0	0	0	0		0
Townhouses	3	0	0	1	Avg.Price:$6,797,500 Avg.$/sq.ft.:$1,934/sq.ft. Avg.Size:3,569sq.ft.	4
Totals	13	3	2	24		42

Total Weekly Asking Price Sales Volume: $287,745,000
Average Asking Price: $6,851,071
Median Asking Price: $5,775,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:77
*Condop is a co-op with condo rules.

TO VIEW 38 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 4 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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