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

31 Contracts Signed

At the 6-month mark, 2013 is shaping up to be the strongest market we have seen for luxury sales since we started keeping track in 2007. Year-to-date, 759 contracts were signed at $4 million and above, with one-third of the deals sold off of floorplans in new condo projects that will not be completed for at least 2 years. A prime example is last week’s No.1 contract, which also happens to be the No.1 apartment sale of the year and the most expensive apartment ever sold Downtown: PH60 at 56 Leonard Street asking $47 million.

56 Leonard Street is a 60-story, 145-unit condo that started sales in 2008 and closed up shop when the financial crisis hit. Sales resumed in February, and the developer reports that 80% of the units have been sold. The building is designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. Penthouse 60 is the top-floor duplex that has 7,799 square feet and terraces that total 1,200 square feet. It features a 60-foot great room with 19-foot ceilings and massive windows that showcase views of the city, the Statue of Liberty, and the Hudson River.

The No. 2 contract was Penthouse 53, also at 56 Leonard Street, asking $28.5 million. The unit has 6,400 square feet with 4 bedrooms, 4.5 bathrooms, 14-foot ceilings, and 1,790 square feet of outdoor space that includes 2 terraces and a balcony.

Number of Contracts Signed on Residential Properties at $4 Million and Above *

2007	2008	2009	2010	2011	2012	1/1-6/30/13
644	503	365	465	582	807	759

* in mid 2010, Olshan started keeping track of townhouse sales. 2013 numbers do not include 157 West 57th Street and 432 Park which have not released their listing data.

Closed Sales $10 million and above: -- Source Streeteasy.com:
2010: 129 — $2.04 billion
2011: 139 — $2.2 billion
2012: 160 — $2.9 billion

Number of Contracts Signed at $10 million and Above January 1-June 30, 2013:
142 contracts totaling $2.080 billion.
Note: 63 out of the 142 properties sold were off of floorplans and most will not close for 2 years.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 24-30, 2013

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	5	3	1	0	Avg.Asking:$7,372,778	9
Condos	2	2	3	15	Avg.Asking:$10,484,227 Avg.$/sq.ft.:$3,434/sq.ft. Avg.Size:3,053sq.ft.	22
Condops *	0	0	0	0		0
Townhouses	0	0	0	0		0
Totals	7	5	4	15		31

Total Weekly Asking Price Sales Volume: $297,008,000
Average Asking Price: $9,580,903
Median Asking Price: $5,966,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:135
*Condop is a co-op with condo rules.

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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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