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OLSHAN LUXURY MARKET REPORT

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December 29, 2014-January 4, 2015

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

11 Contracts Signed

As we enter our 10th year of reporting on Manhattan’s luxury real estate market, 11 contracts were signed last week at $4 million and above, a typical total for such a festive start to January.

The No.1 contract was Apartment 71C at 80 Columbus Circle, asking $22.995 million, reduced from $25 million when it went on the market in September 2013. This Time Warner Center condo was purchased for $13.5 million in 2007 by Russian billionaire oligarch Oleg Baibakov. The unit has 3,168 square feet including 3 bedrooms and 3.5 bathrooms. The living room and master bedrooms span 44 feet across Central Park. The other bedrooms face west with views of the Hudson River.

The No. 2 contract was 8C at 737 Park Avenue, asking $10.1 million, reduced from $10.875 million when it went on the market in March 2013. The unit has 2,915 square feet with 3 bedrooms and 3.5 bathrooms. The living room and formal dining room face Park Avenue. The building is being converted to a condo from a rental by Macklowe Properties, and stands across the street from one of the most important co-ops in New York: 740 Park Avenue, known for grand apartments, famous residents, and a tough co-op board, all chronicled in a book by Michael Gross.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 29, 2014-January 4, 2015

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

1

Avg.Asking:$5,147,500

2

Condos

1

3

0

5

Avg.Asking:$8,575,111
Avg.$/sq.ft.:$3,290/sq.ft.
Avg.Size:2,607sq.ft.

9

Condops *

0

0

0

0



0

Townhouses

0

0

0

0



0

Totals

2

3

0

6

11

Total Weekly Asking Price Sales Volume: $87,471,000
Average Asking Price: $7,951,909
Median Asking Price: $6,325,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:282
*Condop is a co-op with condo rules.

TO VIEW 11 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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