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OLSHAN LUXURY MARKET REPORT

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February 10-16, 2014

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

23 Contracts Signed

CNBC has nicknamed the current business climate “frozenomics,” but it didn’t freeze last week’s Manhattan luxury real estate market: 23 contracts were signed at $4 million and above. Condos outsold co-ops 15 to 8.

The No.1 contract was 27C at 15 Central Park West, asking $25 million. This 3-bedroom, 3.5-bath unit has 2,761 square feet. The living room, formal dining room, and 2nd bedroom or library face Central Park. The asking price translates to $9,055/sq.ft. Many consider 15 Central Park the finest condo in New York. This limestone structure designed by Robert A.M. Stern has a host of amenities, including a 14,000–square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was 5A at 1 Sutton Place South, asking $14 million reduced from $18 million when it went on the market 13 months ago. It is a 14-room co-op with 6 bedrooms, 4.5 baths, and 3 fireplaces. A library and a 41-foot living room with 3 juliet balconies face the East River.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 10-16, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

1

0

1

Avg.Asking: $6,012,500

8

Condos

2

4

2

7

Avg.Asking:$7,693,593
Avg.$/sq.ft.:$2,645/sq.ft.
Avg.Size:2,909sq.ft.

15

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

8

5

2

8

23

Total Weekly Asking Price Sales Volume: $163,503,900
Average Asking Price: $7,108,865
Median Asking Price: $5,650,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:138
*Condop is a co-op with condo rules.

TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 0 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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