OLSHAN LUXURY MARKET REPORT

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Olshan Luxury Report May 28-June 3, 2012

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

17 Contracts Signed

It was another strong week in the luxury market, underscoring the disconnect between high-priced Manhattan real estate, the global economy, and a stock market that has given up its gains for the year. Many of the largest contracts have been signed in the last 5 weeks, a period that has seen a significant stock market retreat. In that time, 107 contracts were signed at $4 million and above, totaling $943 million in sales, almost 1/3 out of the 355 contracts signed so far this year—for a year-to-date total of $3 billion.

The trends are clear: Condos are outselling co-ops almost 2-1, and Downtown is the most popular area. The strength of condo and townhouse sales to foreign buyers is giving credence to the view that Manhattan luxury property may be a haven for global diversification of assets.

The No.1 contract last week was the 16th floor at 995 Fifth Avenue, asking $30 million. This 14-room, 8,360 square foot apartment is the last remaining unit being sold by the developer Extell in the former site of the Stanhope Hotel that it converted to 26-units. This particular unit started on the market in 2006 at $35 million, was lowered to $27.5 million in 2010, and then increased to $30 million in April 2012. It has 7 bedrooms and 9.5 bathrooms with a 42-foot living room, formal dining room, and a sitting room that all face Central Park. The monthly maintenance is $37,403. The building is a rarity: a Fifth Avenue condop, which is a co-op with condo rules.

The No. 2 sale was Apartment 10A at 133 East 80th Street, asking $10,500,000 with a monthly maintenance of $10,692. This 10-room duplex co-op has 4 bedrooms, 5.5 baths, and 2 fireplaces. It went on the market at the end of February.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
Olshan Luxury Report May 28-June 3, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

0


4

Condos

2

4

0

4

Avg.Price:$1,784/sq.ft.
Avg.Size:3,212sq.ft.

10

Condops *

1

0

0

0

Avg.Price:$3,589/sq.ft.
Avg.Size:8,360sq.ft.

1

Townhouses

0

0

0

2

Avg.Price:$1,824/sq.ft.
Avg.Size:4,044sq.ft.

2

Totals

6

5

0

6

17

Total Weekly Asking Price Sales Volume: $131,314,999
Average Asking Price: $7,724,412
Median Asking Price: $5,750,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:228
*Condop is a co-op with condo rules.

TO VIEW 15 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/120802bddcb924.htm

TO VIEW 2 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/1208025935afb4.htm

Donna Olshan
President
dso@olshan.com

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

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