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

27 Contracts Signed

The stock market suffered through its worst week of 2013--but the luxury real estate market held firm. There were 27 contracts signed at $4 million and above last week, and once again, condos outsold co-ops by a healthy margin: 21-3, with 2 condops and 1 townhouse in the total mix. One interesting trend is the continued tightening of inventory throughout the entire market: According to Urbandigs.com: “Manhattan active inventory stands at 4,826 units, down 30% from this time last year.”

The No.1 contract was Apartment 9B at 150 Charles Street, asking $14 million for a 4-bedroom, 4.5-bathroom condo with 3,114 square feet. The unit was sold off of floorplans and offers Hudson River views from the foyer, the 26-foot living room, and the 21-foot master bedroom. 150 Charles is a new 16-story, 91-unit condo that is being constructed of brick and glass with 33,000 square feet of lush landscaping. Completion is not expected for another 2 to 3 years, and amenities include a full staff, garage, fitness center, pool, and children’s playroom. The condo started its marketing in February, and is reporting 75% of its units sold with an average asking price of $3,228/square foot.

The No. 2 contract was 113 East 60th Street, asking $13,500,000, for a 20-foot wide, 10,460-square-foot townhouse that was renovated in 2008. The first three floors is commercial, and above it are 2 residential duplexes. The house has an elevator, roof deck, and central air conditioning.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 15-21, 2013

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	3	0	0	0	Avg.Price: $5,333,333	3
Condos	3	4	3	11	Avg.Price: $7,502,857 Avg.$/sq.ft.:$2,302/sq.ft. Avg.Size: 3,260sq.ft.	21
Condops *	2	0	0	0	Avg.Price: $4,800,000 Avg.$/sq.ft.:$3,354/sq.ft. Avg.Size: 1,431sq.ft.	2
Townhouses	1	0	0	0	Avg.Price: $13,500,000 Avg.$/sq.ft.:$1,291/sq.ft. Avg.Size: 10,460sq.ft.	1
Totals	9	4	3	11		27

Total Weekly Asking Price Sales Volume: $195,510,000
Average Asking Price: $7,241,111
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:178
*Condop is a co-op with condo rules.

TO VIEW 26 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 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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