OLSHAN LUXURY MARKET REPORT

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October 1-7, 2012

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

16 Contracts Signed

The 4th quarter luxury market was off to a strong start last week with 16 contracts signed despite an environment of thin inventory. According to Jonathan Miller of the appraisal firm of Miller Samuel, the 3rd quarter ended with the lowest overall inventory in 7.5 years-- translating to 5.9 months in supply. Streeteasy.com reported inventory down 11.7% from the same period last year. The combination of low inventory, low interest rates, and a global audience combing Manhattan real estate for a safe refuge to park assets is a recipe for higher prices.

Nothing exemplifies high octane real estate better than last week’s No.1 contract, reported by The Wall Street Journal as the most expensive apartment sold below 59th Street: The $42 million Penthouse at 18 Gramercy Park South. This 5 bedroom, 5 bathroom duplex has 6,329 square feet on the 17th and 18th floors of the condo. There are 4 terraces, totaling 1,889 square feet and including one with an infinity pool. The luxurious master bedroom suite also has a terrace with a whirlpool. 18 Gramercy is a 16-unit building that quietly opened sales in the summer. The developers at Zeckendorf Realty told WSJ that half of the units were sold with an average price of $17.5 million, which is equivalent to asking prices north of $4,000 per square foot. It’s a Downtown Wow Condo designed by Robert A.M. Stern, the architect for the most expensive uptown and downtown condos: 15 Central Park West and 400 West 12th Street (Superior Ink).

The No.2 contract was 11W at 135 East 79th Street, asking $10,325,000. This 3,287 square foot apartment has 4 bedrooms, a study, 3.5 baths, and a large eat-in kitchen with cabinets by Christopher Peacock. It is in a new 30-unit condo building that is being built and modeled after prewar construction by The Brodsky Organization. The façade is a handsome limestone-and-brick design with a few accents of cast iron. The interiors promise tasteful high-end finishes and prices that average in the low $3,000 per square foot range. The condo has a doorman, concierge, fitness center, resident’s lounge, and an attractive landscaped courtyard.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 1-7, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

0

1


3

Condos

1

2

1

6

Avg.Price:$2,888/sq.ft.
Avg.Size:3,299sq.ft.

10

Condops *

0

0

0

0


0

Townhouses

0

1

0

2

Avg.Price:$1,256/sq.ft.
Avg.Size:4,817sq.ft.

3

Totals

2

4

1

9

16

Total Weekly Asking Price Sales Volume: $127,955,000
Average Asking Price: $7,997,188
Median Asking Price: $5,625,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:128
*Condop is a co-op with condo rules.

TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 3 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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