OLSHAN LUXURY MARKET REPORT

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July 30-August 5, 2012

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

14 Contracts Signed

It may not have felt like it, but the first week of August looked a lot like the first week in April. I’m talking about real estate, of course. There were 14 contracts signed and 5 were at asking prices above $10 million. Condos outsold co-ops 9-3, and there were 2 townhouse sales.

The No.1 contract was the 10th floor condo at 823 Park Avenue, asking $16.8 million, reduced from $18 million when it started on the market in January. The unit has 9 rooms, 5 bedrooms, 4.5 bathrooms, 2 gas fireplaces, and 10-foot ceilings. A 32-foot living room and 17-foot library face Park Avenue. The seller bought the unit in February 2008 for $13.860 million.

The No. 2 contract was Apartment 67C at 25 Columbus Circle, asking $15.250 million, reduced from $18.375 million when it started on the market in March 2011. This 3 bedroom, 3.5 bathroom condo in the Time Warner Center has 2,416 square feet. The living room and master bedroom face Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 30-August 5, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

2

0

1


3

Condos

2

4

2

1

Avg.Price:$2,634/sq.ft.
Avg.Size: 3,261sq.ft.

9

Condops *

0

0

0

0


0

Townhouses

1

0

0

1

Avg.Price:$1,835/sq.ft.
Avg.Size: 3,815sq.ft.

2

Totals

3

6

2

3

14

Total Weekly Asking Price Sales Volume: $114,085,000
Average Asking Price: $8,148,929
Median Asking Price: $5,925,000
Average Discount from Original Ask to Last Asking Price:12%
Average Days on Market:218
*Condop is a co-op with condo rules.

TO VIEW 12 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/1210040c1391f2.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/121004fadf1afd.htm

Donna Olshan
President
dso@olshan.com

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

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