OLSHAN LUXURY MARKET REPORT

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November 12-18, 2012

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

19 Contracts Signed

The week before Thanksgiving tends to turn in a strong performance for contracts signed at $4 million and above. In 2009 and 2010, for example, this week was the strongest week of the year. And here we are again with solid returns: 19 contracts were signed last week including 2 above $10 million.

The No. 1 sale was Apartment 5C at 730 Park Avenue, asking $13.5 million, reduced from $15 million when it went on the market in April. This is a tastefully renovated 4 bedroom, 5.5 bath co-op with its own private elevator landing. The living room and library, both with wood burning fireplaces, face north over 71st Street as does the dining room. The rest of the apartment is in the rear of the building.

The No.2 contract was a townhouse at 23 East 39th Street that is in foreclosure and asking $11,250,000. This 5-story, 25-foot-wide townhouse with an elevator was purchased in October 2007 for $10,400,000. The house has 8,755 square feet with 7 residential units and 2 commercial units. The zoning will allow expansion above the 5th floor, or the building can be demolished and replaced by a structure of no more than 37,000 square feet.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 12-18, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

1

0

0


5

Condos

3

3

2

3

Avg.Price:$2,486/sq.ft.
Avg.Size:2,414sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

0

1

1

1

Avg.Price:$780/sq.ft.
Avg.Size:9,358sq.ft.

3

Totals

7

5

3

4

19

Total Weekly Asking Price Sales Volume: $125,924,000
Average Asking Price: $6,627,579
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:149
*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/1301171a60b0f9.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/1301186bc8d443.htm

Donna Olshan
President
dso@olshan.com

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

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