OLSHAN LUXURY MARKET REPORT

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November 14-21 2010 NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4million and above November 14-21, 2010: 22 Sales Total.

This is a week that will be either seen as aberrational or a turning point in the market. We have not seen a week like this in many months. Twice as many properties went into contract in the luxury $4 million market and above. As usual condos far out sold co-ops-- - 2 to 1. Again, the only townhouses sales were Downtown: there were 3. The high point of the week is the spectacular sale of raw space penthouse at Superior Ink, 400 West 12th Street. It has been reported that the 6,321 sq.ft. unit is under contract for $31.5 million to Mark Shuttleworth, the South African tech entrepreneur who paid $20 million to take a ride into outer space with the Russians in 2002. The sale underscores the popularity of the architect Robert A.M. Stern who also designed 15 Central Park West. Two weeks in a row we have seen records set at Robert AM. Stern buildings?15 CPW and 400 W 12. Last week there was a record sale at 15 CPW of PH 41B which was asking $40 million or over $10,000/sq.ft.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above November 14-21,

?

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

3

?

?

6

Condos

4

3

5

$2,817/sq.ft.

12

Condops *

1

?

?

?

$2,579/sq.ft.

1

Townhouses

?

?

?

3

$1,871/sq.ft

3

Totals: 22 Sales
*Condop is a co-op with condo rules. The particular condop at 995 Fifth, the former Stanhope Hotel, leases the land.

To see the Apartment Listings Under Contract:
http://media.realplusonline.com/webreports/110120c82f8beb.htm
To see the Townhouse Listings Under Contract:
http://media.realplusonline.com/webreports/11012027723be5.htm

Donna Olshan
President
dso@olshan.com

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

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