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

35 Contracts Signed

Last week’s heavy rain could not dampen the Manhattan luxury market, as 35 contracts were signed at $4 million and above including 10 over $10 million. Almost one third of the action was in new construction.

The No.1 contract was the 11th floor at 2 East 88th Street, asking $22 million, reduced from $25 million when it went on the market in September. This 3 bedroom co-op just completed a 2-and-a-half-year renovation. It has spectacular views of the Park and reservoir from the dining room and the living room, which has a fireplace. The unit also has a library, eat-in kitchen, and 4 bathrooms.

The No. 2 contract was the 6th floor at 521 Park Avenue, asking $17.85 million, reduced from $23.5 million when it went on the market 2 years ago. Renovated in 2010, this 4,500- square-foot condo has 3 bedrooms, 4.5 bathrooms, an exercise room/4th bedroom, an eat-in kitchen, game room/library, and 3 fireplaces. The unit has 80-feet of frontage on Park Avenue.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 28-May 4, 2014

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	4	3	0	1	Avg.Asking:$8,800,000	8
Condos	9	2	0	9	Avg.Asking:$9,107,000 Avg.$/sq.ft.:$3,058/sq.ft. Avg.Sq.Ft.: 2,978sq.ft.	20
Condops *	0	0	1	0	Avg.Asking:$6,995,000 Avg.$/sq.ft.:$2,047/sq.ft. Avg.Sq.Ft.:3,417sq.ft.	1
Townhouses	0	3	1	2	Avg.Asking:$7,897,500 Avg.$/sq.ft.:$1,375/sq.ft. Avg.Sq.Ft.:5,742sq.ft.	6
Totals	13	8	2	12		35

Total Weekly Asking Price Sales Volume: $306,920,000
Average Asking Price: $8,769,143
Median Asking Price: $7,050,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:132
*Condop is a co-op with condo rules.

TO VIEW 29 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 6 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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