OLSHAN LUXURY MARKET REPORT

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July 9-15, 2012

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

17 Contracts Signed

What was I thinking? Several weeks ago, I warned about a summer slowdown in sales. Hardly earth shattering. After all, that has been the pattern for most of my 32 years in business. But this summer so far has defied conventional trends. Last week, 17 contracts were signed, a number that would likely register in the Spring. Much of the activity was fueled by one building: Walker Tower, a new 50-unit condo at 212 West 18th Street that had 6 contracts signed, ranging from $4.2 million to $7.5 million and averaging $2,507/sq.ft. Walker Tower, an Art Deco building originally built as an office for New York Telephone, opened for business at the end of June. The condo has high end finishes and some very appealing features including ceiling heights from 10 to almost 14 feet and windows that are 8 to 9.5 feet in height and 5 feet wide. Many units have terraces and some have wood burning fireplaces. The building has a doorman, library, fitness center, and yoga room.

The No. 1 contract was Apartment 3 at 2 East 88th Street, asking $8.75 million, reduced from $10 million when it started on the market in January. This co-op unit has 9 rooms, 4 bedrooms, 4.5 baths, and 2 fireplaces. It has 45 feet of frontage facing Central Park and the reservoir.

The No. 2 contract was 68C at 80 Columbus Circle, asking $7.95 million for a 2 bedroom and 2 1/2 baths with 1,664 square feet in the Time Warner Center Condominium. The unit has spectacular views of Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 9-15, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

0


4

Condos

2

2

0

8

Avg.Price:$2,712/sq.ft.
Avg.Size:2,218sq.ft.

12

Condops *

0

0

0

0



0

Townhouses

0

1

0

0

Avg.Price:$1,066/sq.ft.
Avg.Size:5,490sq.ft.

1

Totals

5

4

0

8

17

Total Weekly Asking Price Sales Volume: $105,195,000
Average Asking Price: $6,187,941
Median Asking Price: $5,850,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:118
*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/120913cceed9ad.htm


TO VIEW 1 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/1209136759bc6c.htm

Donna Olshan
President
dso@olshan.com

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

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