OLSHAN LUXURY MARKET REPORT

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June 4-10, 2012

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

17 Contracts Signed

As summer approaches, we expect to head into a seasonal slow down--but it hasn’t happened quite yet. 17 contracts were signed last week at $4 million and above, including 4 that were at $10 million and above. Year-to-date, 58 properties have had contracts signed at asking prices of $10 million and above, totaling close to $1.2 billion in sales. That figure represents a 41% increase in dollar volume over last year at this time when 52 properties went to contract at $10 million or more, totaling $836 million. Amazingly enough, the substantial increase in dollar volume thus far in 2012 is the result of the top 3 contracts, which totaled $248 million.

The No.1 contract last week was Apartment 4/5C at 740 Park Avenue, asking $23 million; it had been reduced from $35 million when it started on the market in August 2008. This renovated duplex has 15 rooms, 4 bedrooms, 4.5 bathrooms, and 4 fireplaces. 740 Park is perhaps the most prestigious co-op building in Manhattan, known for its wealthy residents and chronicled in a book by Michael Gross. Last month, the most expensive co-op ever sold in New York City closed at 740 Park for $52.5 million. It was a combination of two apartments on the 12th and 13th floors that comprised 30 rooms, 8 bedrooms, 2 libraries, 10 bathrooms, and 6 terraces. It was sold by Courtney Sale Ross, the widow of the late Time Warner chairman Steve Ross, to Howard Marks, the founder of Oaktree Capital.

The No. 2 contract was Apartment 9 at 320 West 12th Street, asking $19.5 million. It is a 3 bedroom unit with 5,287 square feet and is the second penthouse to sell in the new Abingdon Condominium. The 10-unit building was once a nursing home, and is a 1906 building that was sold in January 2011 for $33 million. That’s right: the whole building sold for only $33 million. The developer says that the 8 remaining units are scheduled to come on the market at the end of this week with prices starting at $8 million for 3,000 square feet. The condo has a doorman, gym, and private storage units for owners. The two penthouses came on the market at the end of March at the same time as a feature story on the building appeared in the Wall Street Journal helping to propel the sales.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 4-10, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

1

0


5

Condos

0

1

0

8

Avg.Price:$2,832/sq.ft.
Avg.Size:2,982sq.ft.

9

Condops *

0

0

0

0


0

Townhouses

1

1

1

0

Avg.Price:$1,273/sq.ft.
Avg.Size:5,959sq.ft.

3

Totals

5

2

2

8

17

Total Weekly Asking Price Sales Volume: $139,325,000
Average Asking Price: $8,195,588
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price:11%
Average Days on Market:216
*Condop is a co-op with condo rules.

TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 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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