OLSHAN LUXURY MARKET REPORT

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November 5-11, 2012

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

20 Contracts Signed

The power returned last week, literally and figuratively. Manhattan was up and running again, so was the luxury real estate market. 20 contracts were signed at $4 million and above, including 6 above $10 million and 3 at $20 million and above.

The No. 1 sale was a townhouse at 122 East 70th Street, asking $24,250,000. This 20-foot wide house with 8,000 square feet and an elevator was purchased two years ago for $12,850,000 by real estate developer David Edelstein. The house, which sold in 3 months, is on one of the prettiest blocks in New York. It was totally renovated with extensive use of glass in the rear of the house. There is a 30-foot living room with floor-to-ceiling windows, 4 bedrooms, a library, media room, 4 terraces, 6 wood-burning fireplaces, 5 bathrooms, and 2 powder rooms.

The No.2 sale was Apartment 10/11 at 990 Fifth Avenue, asking $21.5 million. This 13-room duplex co-op with 11-foot ceilings went on the market in August. The corner living room and upstairs master bedroom have sweeping views of Central Park. The apartment has 3 bedrooms, a library, 9 Juliet balconies, 3 wood-burning fireplaces, and a maid’s room. The monthly maintenance is $17,575.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 5-11, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

1


5

Condos

2

2

0

7

Avg.Price:$2,445/sq.ft.
Avg.Size:2,648sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

3

0

0

1


4

Totals

8

3

0

9

20

Total Weekly Asking Price Sales Volume: $193,424,000
Average Asking Price: $9,671,000
Median Asking Price: $7,600,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:175
*Condop is a co-op with condo rules.

TO VIEW 16 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/130111141eca44.htm

TO VIEW 4 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/130111f5e68fb0.htm

Donna Olshan
President
dso@olshan.com

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

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