OLSHAN LUXURY MARKET REPORT

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July 2-8, 2012

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

14 Contracts Signed

Recently, I have been warning about a summer slow down. I still think that’s in the cards, but look at the week we just had: 14 contracts signed, including 3 with asking prices above $10 million--a damn good performance for a big holiday like July 4 landing in the middle of the week.

The No. 1 contract was Penthouse 1 at 641 Fifth Avenue, asking $15 million for a 3 bedroom, 3.5 bathroom duplex on the 50th and 51st floor of Olympic Tower Condominium. The building was built by Aristotle Onassis in 1975 with Skidmore, Owens and Merrill as architects. The penthouse has 4,170 square feet, 11’ ceilings, and is in excellent condition. The upper floor is laid out as entertaining space with Central Park views from a large living room, formal dining room, eat-in kitchen, and maid’s quarters. The library on this floor has a working fireplace. Downstairs are 3 bedrooms with Central Park views and 2 baths. The unit has an elevator.

The No. 2 contract was a 26’ wide townhouse at 103 Riverside Drive, asking $12.1 million, reduced from $21.5 million when it started on the market 2 years ago. This is one of a handful of houses on Riverside Drive built by Clarence True, a turn-of-the-century architect known for his Upper West Side townhouses. The house, located between 82nd and 83rd Street, has magnificent Hudson River views from the front rooms and 7,500 square feet with an elevator, 6 bedrooms, a library, finished basement, 6 bathrooms, 2 powder rooms—all in very good condition. There is a small terrace that faces the river but the house has no garden.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 2-8, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

0

0


4

Condos

1

0

1

3

Avg.Price:$2,386/sq.ft.
Avg.Size:2,949sq.ft.

5

Condops *

0

0

0

1

Avg.Price:$2,092/sq.ft.
Avg.Size:2,151sq.ft.

1

Townhouses

2

1

1

0

Avg.Price:$1,458/sq.ft.
Avg.Size:5571sq.ft.

4

Totals

7

1

2

4

14

Total Weekly Asking Price Sales Volume: $100,548,000
Average Asking Price: $7,182,000
Median Asking Price: $5,745,000
Average Discount from Original Ask to Last Asking Price:16%
Average Days on Market:438
*Condop is a co-op with condo rules.

TO VIEW 10 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/1209063f2a5145.htm

TO VIEW 4 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/120907ec3958e1.htm

Donna Olshan
President
dso@olshan.com

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

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