OLSHAN LUXURY MARKET REPORT

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June 25-July 1, 2012

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

18 Contracts Signed

A wave of strong sales came in last week with 18 contracts signed at $4 million and above-- 50% of the action took place in condos Downtown. The top 5 sales of the week were at asking prices above $10 million.

The No. 1 sale was 45D at 101 West 67th Street, asking $15 million. This 3 bedroom, 3.5 bathroom condo has 2,948 square feet and sweeping views of Central Park and the Hudson River. The unit was renovated after being purchased in 2006 for $8 million. It is located in The Millenium Tower Condominium, which was built in 1994.

The No. 2 sale was Apartment 1 at 320 West 12th Street, asking $13 million. This 4 bedroom, 5 bathroom Maisonette Duplex has 5,951 square feet in the new Abingdon Condominium, which officially opened sales about 10 days ago. The Abingdon, a former nursing home built in 1906, was purchased in January 2011 for $33 million. Four of the 10 apartments went to contract this past week, averaging $2,732/square foot for highly-finished units in a full service condo, located in the prime West Village. The 2 penthouse apartments sold even before the building opened.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 25-July 1, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

1

0


3

Condos

0

2

1

9

Avg.Price:$2,891/sq.ft.
Avg.Size:3,202sq.ft.

12

Condops *

0

0

1

0

Avg.Price:$2,299/sq.ft.
Avg.Size:1,849sq.ft.

1

Townhouses

0

2

0

0

Avg.Price:$1,271/sq.ft.
Avg.Size:3,202sq.ft.

2

Totals

1

5

3

9

18

Total Weekly Asking Price Sales Volume: $155,690,000
Average Asking Price: $8,649,444
Median Asking Price: $8,935,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:297
*Condop is a co-op with condo rules.

TO VIEW 16 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/1208300976ddce.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/1208302bd3d00c.htm

Donna Olshan
President
dso@olshan.com

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

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