OLSHAN LUXURY MARKET REPORT

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August 20-26, 2012

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

13 Contracts Signed

Another 13 properties at $4 million and above went to contract last week, making this already the strongest August since we started the luxury tracker in 2007. 52 contracts have been signed so far this month, a 73% increase in sales over the same period last year.

The No. 1 contract was Apartment 11A at 530 Park Avenue, asking $9,750,000. This is a 4 bedroom, 4.5 bathroom condominium with 2,755 square feet. The living room and formal dining room face Park Avenue. 530 Park was a rental building that was gut renovated and converted to a condominium. The building came on the market in June and has a concierge/doorman and a fitness center.

The No. 2 contract was 535 West End Avenue, Apartment 3A, asking $8.7 million, reduced from $10 million when it started on the market in May of 2008. This 4,396 square foot condo has 5 bedrooms, 5.5 bathrooms, a library, and a big family room off the kitchen. The apartment is in a newly built prewar-style 22-unit condo at 86th Street and West End that was completed in 2008. The condo offers a gym, library, pool, children’s playroom, and a garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 20-26, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

0

0

1


1

Condos

4

1

1

5

Avg.Price:$2,257/sq.ft.
Avg.Size:2,830sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

0

0

0

1

Avg.Price:$1,480/sq.ft.
Avg.Size:3,344sq.ft.

1

Totals

4

1

1

7

13

Total Weekly Asking Price Sales Volume: $79,704,000
Average Asking Price: $6,131,077
Median Asking Price: $5,750,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:373
*Condop is a co-op with condo rules.

TO VIEW 12 CONTRACTS SIGNED ON APARTMENTS:
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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:
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Donna Olshan
President
dso@olshan.com

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

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