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

9 Contracts Signed

Only 9 properties went to contract last week at $4 million and above. Not a big surprise. As I predicted in my last report, we can expect a bumpy ride until the end of the year in the Manhattan luxury real estate market. This is a seasonal phenomenon, as many buyers are focused on holiday shopping and other activities. On the other hand, it is a good time for potential buyers to scour the market for deals that may arise because some sellers will become anxious about competing with new inventory that comes to market after January 1. As I have noted before, the end of August and the end of December are often the two best times to score a deal.

The No.1 contract was the Penthouse at 898 Park Avenue, asking $9,950,000. This is a 4- bedroom, 4.5-bathroom triplex co-op that would benefit from a good architect reconfiguring the floorplan. The bottom floor contains the living room, dining room, kitchen, and 3 bedrooms. The middle floor has another living room with a wraparound terrace, and the top floor has the master bedroom.

The No. 2 contract was Apartment 3A at 737 Park Avenue, asking $8,900,000. The unit has 3,164 square feet and is efficiently laid out with 3 bedrooms, a study, a maid’s room, and 4 bathrooms. The apartment spans 50 feet across Park Avenue. And for the past year, the building has been undergoing a transformation from a rental to a condo by Macklowe Properties.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 11-17, 2013

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	3	0	0	0	Avg.Asking:$6,233,333	3
Condos	3	2	0	1	Avg.Asking:$5,871,667 Avg.$/sq.ft.:$2,211/sq.ft. Avg.Size: 2,656sq.ft.	6
Condops *	0	0	0	0		0
Townhouses	0	0	0	0		0
Totals	6	2	0	1		9

Total Weekly Asking Price Sales Volume: $53,930,000
Average Asking Price: $5,992,222
Median Asking Price: $5,095,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:109
*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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