OLSHAN LUXURY MARKET REPORT

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July 23-29, 2012

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

11 Contracts Signed

If we were handing out gold medals, one property outpaced the luxury market by a wide margin last week: The Penthouse at 785 Fifth Avenue, asking $65 million, owned by socialite songwriter Denise Rich, who renounced her US citizenship in 2011 to become an Austrian citizen. The New York Post reported that Ms. Rich, the ex-wife of controversial financier Marc Rich, sold her apartment for $54 million to her downstairs neighbor, entertainment mogul David Geffen. To give perspective on the stratospheric level of this sale: Only 3 residential properties have closed north of $50 million so far this year. The highest priced closed sale last year was a condo in the Plaza Hotel which sold for $48 million.

The Penthouse co-op owned by Ms. Rich is a triplex with 20 rooms, including 7 bedrooms, 11 bathrooms, wraparound terraces, a roof top terrace, a recording studio, and 3 kitchens. The unit has spectacular views of Central Park and is one of the largest penthouses in New York.

The No. 2 sale was apartment 18A at 880 Fifth Avenue, asking $9,450,000 for a 7 room co-op with 2 bedrooms, a library, guest room/office, and a huge wraparound terrace facing Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 23-29, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

1

0


5

Condos

0

1

0

4

Avg.Price:$1,746/sq.ft.
Avg.Size:3,142sq.ft.

5

Condops *

0

0

0

0


0

Townhouses

0

0

0

1

Avg.Price:$1,896/sq.ft.
Avg.Size:3,640sq.ft.

1

Totals

4

1

1

5

11

Total Weekly Asking Price Sales Volume: $127,773,000
Average Asking Price: $11,615,777
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 360
*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/120928cc2cb575.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/120927b9600639.htm

Donna Olshan
President
dso@olshan.com

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

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