OLSHAN LUXURY MARKET REPORT

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October 15-21, 2012

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

33 Contracts Signed

Was it a 5-year record or an all-time record? It’s impossible to say, but here’s what I know for certain: 33 contracts were signed last week on properties at $4 million and above, the highest total since 2007 when we started keeping track of luxury sales. Breaking down the numbers, 14 properties were sold at asking prices north of $10 million and 3 at $20 million and above, contributing to the week’s total volume of $333,975,000. You read that right! The biggest contributor to that spectacular sum was 18 Gramercy Park, which had 6 sales—all above $14.5 million. This is a 16-unit condominium, developed by Zeckendorf Realty, which recently reported the most expensive apartment sold downtown --a $42 million penthouse (sold to Houston Rockets owner Leslie Alexander, according to various news reports). The wow factors: Gramercy address, large units, views, key to the private park, and a Robert A.M. Stern design.

The No. 1 contract was Apartment 5/6 at 950 Fifth Avenue, asking $27.5 million. This 12-room duplex co-op has 4 bedrooms, 5.5 baths, 2 wood burning fireplaces, and a maid’s room. The living room and master bedroom face Fifth Avenue. The monthly maintenance is $16,856.

The No.2 contract was a townhouse at 116 East 70th Street, asking $22.5 million, reduced from $26 million when it went on the market two years ago. It’s a beautiful 20-foot-wide house distinguished by a copper bow front and is next door to Woody Allen’s residence. The house has 6,660 square feet, consisting of 5 bedrooms, an elevator, garden, and 2 terraces. The house was originally purchased in 2003 for $6,878,950 and then renovated.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 15-21, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

0

0

1


8

Condos

4

2

2

14

Avg.Price:$2,675/sq.ft.
Avg.Size:3,447sq.ft.

22

Condops *

0

0

0

0


0

Townhouses

2

0

0

1

Avg.Price:$2,709/sq.ft.
Avg.Size:5,152sq.ft.

3

Totals

13

2

2

16

33

Total Weekly Asking Price Sales Volume: $333,975,000
Average Asking Price: $10,120,455
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:224
*Condop is a co-op with condo rules.

TO VIEW 30 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 links below:
http://media.realplusonline.com/webreports/121220de91487b.htm
http://media.realplusonline.com/webreports/121220d37e375a.htm

TO VIEW 3 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/121220e48c4b5f.htm

Donna Olshan
President
dso@olshan.com

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

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