OLSHAN LUXURY MARKET REPORT

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August 27-September 2, 2012

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

9 Contracts Signed

I am here to report that we are closing out the long, hot summer of 2012 with 9 contracts signed last week, streaking to a record 129 contracts for the 10-week period that began on June 25 and ended on the day before Labor Day. This is a 42% increase over last summer and the best summer since we started keeping score in 2007 (see box score below). One thing to note: the Dow Jones Industrial Average finished August at 13,091, up 1,851 points over the same period last year, while mortgage rates remain historically low.

The No.1 contract last week was the Penthouse Triplex at 482 Greenwich Street, asking $11,500,000, in a new condo building that should be completed by the end of the year. The 4,675 square foot unit has 4 bedrooms, 6.5 baths, and a 22’ ceiling in the living room that opens to a fabulous wraparound terrace. There is also a roof top deck.

Speaking of new construction, there are going to be quite a few new condo projects slated to come on the market in the next 6 months that will be sold off of floorplans and renderings. Most of these buildings will not be completed until 2014 and beyond. I predict one of the big winners will be the new condo at 432 Park, developed by Harry Macklowe and financed by CIM. At 1,395 feet tall, with 84 construction floors, this condo will be the tallest residential building in New York. The 117-unit building is designed by Rafael Viñoly (architect for Jazz at Lincoln Center) with interiors by Deborah Berke. One unique feature: Owners will be able to buy offices that are located below the 34th floor. Maid’s and storage rooms and wine cellars will also be for sale. Some of the design features are dramatic: 12 ½ -foot ceilings and huge picture windows that measure 10-feet wide and 10-feet tall, providing panoramic views of Central Park and the rivers above the 55th floor. 432 Park has a robust amenity package that includes doormen, concierge, onsite housekeeping, valet parking, a 75-foot pool, fitness center, yoga studio, children's playroom, a screening room, billiards room, and a 64-seat private restaurant that opens onto a huge terrace. The condo takes great care to offer privacy and comfort with 6 elevators and a lobby on 56th Street between Park and Madison. There will also be a landscaped sculpture garden. My sources tell me that the blended average asking price will be $5,800/square foot. The building is due to come on the market this fall but it won’t be completed until 2015.

  Period: 6/27-9/4/2011 Period: 6/25-9/2/2012
Dow Jones Industrial Avg 9/2/11: 11,240 8/31/2012: 13,091
# contracts on co-ops 25 32
# contracts on condos 53 78
# contracts on condops 0 2
# contracts on townhouses 13 17
Total Number of Contracts 91 129
Average Weekly Volume $72,202,800 $95,960,400
Average Asking Price $7,967,983 $7,518,345
Median Asking Price $6,216,000 $6,304,250
Avg. Price Drop from last Asking Price 4.4% 7%
Average Days on Market 218 273
Average Condo Asking Price $2,854 $2,350
Average Condo Size 2,799 sq.ft. 2,829 sq.ft.
East Side Contracts Signed 29 36
West Side Contracts Signed 24 24
Midtown Contracts Signed 7 18
Downtown Contracts Signed 31 51

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 27-September 2, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

1


3

Condos

1

1

1

3

Avg.Price:$2,268/sq.ft.
Avg.Size:3,304sq.ft.

6

Condops *

0

0

0

0


0

Townhouses

0

0

0

0


0

Totals

3

1

1

4

9

Total Weekly Asking Price Sales Volume: $65,135,000
Average Asking Price: $7,237,222
Median Asking Price: $6,995,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:207
*Condop is a co-op with condo rules.

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TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
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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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