OLSHAN LUXURY MARKET REPORT

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October 22-28, 2012

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

19 Contracts Signed

As I am sitting here dreading the impact of the Sandy storm, there is nothing dreadful about the sunny outlook of the real estate market. With a few days left to go, this is already the best October since we started keeping track of the luxury real estate market in 2007. The number of apartment sales is up 58% over the October 2007 peak and up 153% over last October. Yes, you read that right! The number of luxury apartment sales has more than doubled since last October.

There were 19 contracts signed last week. The No. 1 contract was the 8th floor at 823 Park Avenue, asking $15 million. This is a 5 bedroom, 4.5 bath condo with 4,184 square feet. The living room and library, both with fireplaces, overlook Park Avenue. The unit is in excellent condition and has a large eat-in kitchen.

The No. 2 contract was Unit 15C at 212 West 18th Street, asking $13,250,000. This is a 4 bedroom, 4.5 bath corner duplex condominium with a 700 square foot terrace in the new Walker Tower. This building has some of the finest finish work ever seen in a new condo. According to its official marketing brochure, it features custom Smallbone kitchens with marble and limestone countertops, marble bathrooms with beautiful design patterns, radiant floor heating, French herringbone oak flooring, Crestron lighting system, Nanz hardware (door knobs and fittings), and custom-designed tilt and turn windows. In addition to doormen and a concierge, the amenities also include a, library lounge with pantry and bar, refrigerated storage for deliveries, children’s playroom, bike storage room, fitness center with yoga room, sauna, and landscaped common roof deck with dining area, sun lawn, observation area, and covered cabana room.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 22-28, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

0

0


6

Condos

3

1

2

5

Avg.Price:$2,690/sq.ft.
Avg.Size:2,731sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

0

0

0

2

Avg.Price:$2,263/sq.ft.
Avg.Size:2,731sq.ft.

2

Totals

8

2

2

7

19

Total Weekly Asking Price Sales Volume: $143,643,000
Average Asking Price: $7,560,158
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:110
*Condop is a co-op with condo rules.

TO VIEW 17 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/121228679b3e52.htm

TO VIEW 2 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/121227b94a3886.htm

Donna Olshan
President
dso@olshan.com

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

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