OLSHAN LUXURY MARKET REPORT

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August 13-19, 2012

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

14 Contracts Signed

If you thought that the luxury market couldn’t sustain another outstanding week in August, you’d be wrong. Last week saw yet another 14 contracts signed, a strong indication that we may be on our way to the best summer in 5 years. Four of the contracts were at asking prices north of $8 million.

The No. 1 contract was Apartment 8C at 151 Central Park West, asking $12.5 million for 2 bedrooms, 3 baths, and a maid’s room. This apartment, in a turn-of-the-century co-op called The Kenilworth, has been on and off the market for the last 5 years, originally starting at $21 million. The library, formal dining room, and living room face Central Park. Two bedrooms were combined to make a 27-foot master. The last time this apartment sold was in 1994 for less than $2 million. Then it was owned by legendary real estate broker Linda Stein, who was murdered by her assistant in her Fifth Avenue penthouse in 2007.

The No. 2 contract was Penthouse A at 230 West 56th Street, asking $8.795 million for a 2 bedroom, 2.5 bath with 1,887 square feet. This unit is one of 4 penthouses located on the 70th floor of The Park Imperial condo. Penthouse A has floor-to-ceiling windows, a wood-burning fireplace, and panoramic views of Central Park and the East River.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 13-19, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

1


5

Condos

0

1

2

4

Avg.Price:$2,763/sq.ft.
Avg.Size:2,476 sq.ft.

7

Condops *

0

0

0

0


0

Townhouses

0

0

1

1

Avg.Price:$1,298/sq.ft.
Avg. Size: 5,545 sq.ft.

2

Totals

3

2

3

6

14

Total Weekly Asking Price Sales Volume: $97,935,000
Average Asking Price: $6,995,357
Median Asking Price: $6,847,500
Average Discount from Original Ask to Last Asking Price:9%
Average Days on Market:289
*Condop is a co-op with condo rules.

TO VIEW 12 CONTRACTS SIGNED ON APARTMENTS:
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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/121018a676c15c.htm

Donna Olshan
President
dso@olshan.com

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

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