OLSHAN LUXURY MARKET REPORT

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May 21-27, 2012

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

16 Contracts Signed

As we near the end of May, the stock market has registered a paltry 4 positive days the entire month--but you’d never know it in Manhattan’s luxury real estate market. This has been the strongest month since 2008. In the last 4 weeks, 90 properties have gone under contract at $4 million and above, totaling $811 million in sales

Go figure.

The No.1 contract was a 5-story townhouse at 26 East 73rd Street, asking $23 million that sold after being on the market for almost a year. It is a 21-foot-wide limestone house that had been renovated, then purchased in 2007 for $18 million. The house has 14 rooms, 6,900 square feet, an elevator, central air conditioning, garden, roof terrace, and multiple gas and wood burning fireplaces. Annual taxes are $81,000.

The No. 2 sale was the duplex penthouse at 23 East 74th Street, asking $18.5 million, reduced from $23.5 million when it started on the market in February 2011. The owners purchased the co-op in 2009 for $14.1 million from Warhol muse Baby Jane Holzer. The apartment has 5 bedrooms and 1,800 square feet of terrace. The monthly maintenance is $11,422.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 21-27, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

1


6

Condos

0

0

2

3

Avg.Price:$2,162/sq.ft.
Avg.Size:3,409sq.ft.

5

Condops *

0

0

0

0


0

Townhouses

1

2

0

2

Avg.Price:$2,194/sq.ft.
Avg.Size:4,679sq.ft.

5

Totals

6

2

2

6

16

Total Weekly Asking Price Sales Volume: $141,909,000
Average Asking Price: $8,869,313
Median Asking Price: $7,075,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:215
*Condop is a co-op with condo rules.

TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/120726d2f717d5.htm

TO VIEW 5 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/120727592f12e5.htm

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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