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

30 Contracts Signed

Thirty contracts were signed at $4 million and above last week, closing out a record September as well as a record third quarter since we started keeping track in 2007. Sales were up 19% over the 3rd quarter last year, mostly due to one building: 30 Park Place. This is the new Four Seasons Hotel condominium, designed by Robert A.M. Stern, that has racked up 41 contracts at $4 million and above since July 1, averaging $3,019/square foot. The winning formula in new construction seems to be buildings designed with high-end finishes by a prominent architect with prices that hover around $3,000/sq.ft.

The No. 1 sale of the week was PHC at 151 East 78th Street, asking $27.5 million for a 6,924-square-foot duplex that includes 6 bedrooms, 7.5 bathrooms, and a 31-foot terrace. This unit is in a new 16-story condo building designed by the renowned classical architect Peter Pennoyer. Sales started in March, and within 6 weeks the building had sold over half of its 14 units with prices starting at $10,000,000 for 3,966 square feet. Full-floor units averaged $2,799/square foot. Two penthouses remain for sale.

The No. 2 contract was a 25-foot-wide limestone townhouse at 39 East 67th Street, asking $22.5 million, and it sold almost immediately after listing. This house was built in 1904, and has 9,444 square feet divided into a ground-floor duplex doctor’s office with 4 apartments above it. The house has a glass conservatory on top.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 22-28, 2014

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	2	0	1	0	Avg.Asking:$5,181,667	3
Condos	6	1	9	7	Avg.Asking:$7,479,783 Avg.$/sq.ft.:$2,996/sq.ft. Avg.Size: 2,497 sq.ft.	23
Condops *	0	0	0	0		0
Townhouses	3	0	0	1	Avg.Asking:$12,192,500 Avg.$/sq.ft.:$2,218/sq.ft. Avg.Size: 6,186 sq.ft.	4
Totals	11	1	10	8		30

Total Weekly Asking Price Sales Volume: $236,170,000
Average Asking Price: $7,872,333
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:180
*Condop is a co-op with condo rules.

TO VIEW 26 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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