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

27 Contracts Signed

Manhattan’s luxury real estate market took its cue from the weather last week: not too hot, not too cold. Twenty-seven contracts were signed at $4 million and above. And once again, condos out sold co-ops 14-9, with 4 townhouses in the mix.

The No.1 contract—and the only property to sell above $10 million--was 16A at 551 West 21st Street, asking $16.6 million. The 4,271-square-foot unit has 4 bedrooms and 4.5 bathrooms, and was sold off of floorplans. It is in a new High Line area condo designed by Foster + Partners, home of the Pritzker Prize winning architect Sir Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a gated drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting contracts signed on 12 out of 44 units, averaging $2,956/sq.ft.

The No. 2 contract was the 14th floor at 151 East 79th Street, asking $9,995,000, reduced from $10.95 million when it went on the market a year ago. The 11-room prewar co-op has 5 bedrooms, 4 bathrooms, and 2 working fireplaces. The unit last sold in 2010 for $7.2 million, and needs renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 12-18, 2014

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	5	2	0	2	Avg.Asking:$6,973,333	9
Condos	1	2	2	9	Avg.Asking:$6,708.571 Avg.$/sq.ft.:$2,407/sq.ft. Avg.Size:2,787sq.ft.	14
Condops *	0	0	0	0		0
Townhouses	1	1	1	1	Avg.Asking:44,887,500 Avg.$/sq.ft.:$1010/sq.ft. Avg.Size:4,839sq.ft.	4
Totals	7	5	3	12		27

Total Weekly Asking Price Sales Volume: $176,430,000
Average Asking Price: $6,534,444
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:137
*Condop is a co-op with condo rules.

TO VIEW 23 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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