OLSHAN LUXURY MARKET REPORT

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September 3-9, 2012

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

11 Contracts Signed

As potential buyers got back to business on the day after Labor Day, the luxury market responded with a healthy 11 contracts signed at $4 million and above. No surprise: Condos outsold co-ops, 7-3 (there was 1 townhouse sale). Condos have outsold co-ops all but 5 weeks this year. In addition, according to Urbandigs.com, total inventory of all units in the entire market is now 23% lower than in January.

The No.1 contract signed was apartment 2 at 102 Prince Street, asking $9.5 million for a 4,500 square foot condo loft with 3 bedrooms and 3.5 baths. The unit is a duplex that has been beautifully renovated. It has a large eat-in kitchen and a combined dining room and living room with a gas fireplace. A staircase leads to an upstairs media room.

The No. 2 contract was Penthouse B at 230 West 56th Street, asking $7,895,000 for a 1,886 square foot condo with 3 bedrooms, 3 baths, and spectacular views of Central Park. It is in the 72-story Park Imperial condominium designed by Skidmore Owings & Merrill, with interiors by Adam Tihany. It was built in 2002 by The Related Company, developers of the Time Warner Center, among many other high profile projects.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 3-9, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

1


3

Condos

3

0

2

2

Avg.Price:$2,360/sq.ft.
Avg.Size:2,962sq.ft.

7

Condops *

0

0

0

0


0

Townhouses

0

0

0

1

Avg.Price:$1,071/sq.ft.
Avg.Size:7,000sq.ft.

1

Totals

5

0

2

4

11

Total Weekly Asking Price Sales Volume: $73,429,000
Average Asking Price: $6,675,364
Median Asking Price: $6,900,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:130
*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/121107a859fca4.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/121108a2862f2b.htm

Donna Olshan
President
dso@olshan.com

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

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