OLSHAN LUXURY MARKET REPORT

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June 11-17, 2012

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

15 Contracts Signed

The luxury market saw considerable townhouse activity last week as 7 contracts were signed, including the sale of this year’s highest-priced townhouse: 973 Fifth Avenue, asking $49 million. Year-to-date, 59 townhouses have had contracts signed at $4 million and above, a 25% increase over last year at this time. The average asking price this year is $1,638/square foot; the average size is 5,396 square feet. So far this year, there is little change in asking price or size of townhouses from 2011. Nevertheless, the luxury townhouse market looks like a good value in comparison to the luxury condo market, which has an asking-price-average of $2,552/sq.ft. and an average size of 3,043 square feet. The other trend in the townhouse market is that a lot of the activity has taken place Downtown with 28 contracts signed compared to 16 on the East Side, 12 on the West Side, and 3 in Midtown. Year-to-date, 14 contracts have been signed on townhouses at $10 million and above.

The No. 1 sale at 973 Fifth Avenue, asking $49 million, was an Italian Renaissance-style limestone mansion with a grand entrance and floors that have views of Central Park. It was built around 1910 by the firm of McKim Mead and White, architects of the East and West Wings of the White House, The Morgan Library, and The Century Club, among other famous buildings. The house has 15,225 square feet, an elevator, and many original details. The annual real estate taxes are $157,000.

The No. 2 sale was a multi-family house at 27 East 11th Street, asking $11,500,000, reduced by $1 million from when it started on the market last August. It is a 25’ wide Greek Revival house built in the 1800s. It is currently divided into 4 rental apartments including a garden duplex.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 11-17, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

1


5

Condos

2

1

0

0

Avg.Price:$2,334/sq.ft.
Avg.Size:2,860sq.ft.

3

Condops *

0

0

0

0


0

Townhouses

2

1

1

3

Avg.Price:$1,893/sq.ft.
Avg.Size:7,078sq.ft.

7

Totals

7

3

1

4

15

Total Weekly Asking Price Sales Volume: $143,720,000
Average Asking Price: $9,581,333
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price:12%
Average Days on Market:335
*Condop is a co-op with condo rules.

TO VIEW 8 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/12081779ff9728.htm

TO VIEW 7 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/12081777dfc51c.htm

Donna Olshan
President
dso@olshan.com

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

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