OLSHAN LUXURY MARKET REPORT

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September 17-23, 2012

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

14 Contracts Signed

Remember last week’s Olshan Luxury Report, which reported that only 5 contracts were signed between September 10-16. Well, the luxury market bounced back nicely last week, stepping into fall with 14 contracts signed at $4 million and above. What has become the new real estate normal, condos outsold co-ops 11-2. There was 1 townhouse sale with historical significance.

That one townhouse sale was at 18 West 11th Street; it has an odd modernist architecture that hints of a violent past. This original Greek Revival House was destroyed in 1970 when members of The Weathermen, a radical leftist group, accidentally blew up the building while assembling a bomb in the basement. The 21-foot wide house, asking $10,995,000, was rebuilt in 1978 by architect Hugh Hardy. It has 3 bedrooms, 3 baths, 2 half baths, and an elevator, and was designed around a central staircase.

The No.1 contract was the 11th floor at 810 Fifth Avenue, asking $21.5 million. This 11-room co-op went on the market in April. The defining feature is a 46-foot living room facing Central Park. The unit has 4 bedrooms and 2.5 baths, and has been renovated in a contemporary style.

The No.2 contract was Penthouse B at 100 Eleventh Avenue, asking $14.95 million, reduced from $17.5 million. The condominium has 4,818 square feet, and is configured as 4 bedrooms and a den. It has 2 terraces, offering spectacular 360-degree views of the Hudson River and city. This distinctive building was designed with 1,700 panes of irregular shaped glass by the Pritzker Prize winning architect Jean Nouvel. The condo’s amenities include concierge, pool, gym, and garden.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 17-23, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0


2

Condos

3

3

1

4

Avg.Price:$2,511/sq.ft.
Avg.Size:2,718sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

0

0

0

1

Avg.Price:$2,182/sq.ft.
Avg.Size:5,040sq.ft.

1

Totals

5

3

1

5

14

Total Weekly Asking Price Sales Volume: $118,544,000
Average Asking Price: $8,467,429
Median Asking Price: $7,200,000
Average Discount from Original Ask to Last Asking Price:8%
Average Days on Market:332
*Condop is a co-op with condo rules.

TO VIEW 13 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/121122e8e07f30.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/1211222f08603a.htm

Donna Olshan
President
dso@olshan.com

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

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