OLSHAN LUXURY MARKET REPORT

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December 3-9, 2012

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

22 Contracts Signed

Wall Street may be dreading the fiscal cliff and hoping for a deal that will catapult the Dow. But the Santa Claus rally is already here in the luxury real estate market. Happy Holidays! There were 22 contracts signed last week at $4 million and above--and 7 were over $10 million. The top 2 sales were downtown penthouse condos.

The No.1 contract was the duplex Penthouse at 350 West Broadway, asking $20,650,000, reduced from $26 million when it went on the market in March 2009. This 5,912 square foot condo is configured as 3 bedrooms, 4 baths, 2 powder rooms, an exercise room, and a media room. The unit has 2 balconies and a 1,330 square foot rooftop terrace. It is a high-end glass box design with 10’ ceilings and 360-degree views.

The No.2 contract was Penthouse C at 200 Chambers Street, asking $16,500,000, reduced from $17,995,000 when it went on the market in July 2011. This is a 4 bedroom, 4.5 bathroom condo with 4,700 square feet and breathtaking Hudson River and city views from the 30th floor. The unit has been renovated with a lot of custom finishes including kitchen cabinets by Poliform. The unit was bought in 2007 for $7,092,111.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 3-9, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

1

0

0


3

Condos

4

0

1

9

Avg.Price:$2,811/sq.ft.
Avg.Size:3,286sq.ft.

14

Condops *

0

0

0

0


0

Townhouses

2

1

0

2

Avg.Price:$2,063/sq.ft.
Avg.Size:5,082sq.ft.

5

Totals

8

2

1

11

22

Total Weekly Asking Price Sales Volume: $206,895,000
Average Asking Price: $9,404,318
Median Asking Price: $7,910,000
Average Discount from Original Ask to Last Asking Price:8%
Average Days on Market:207
*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:
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TO VIEW 5 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/130207fa0bd20c.htm

Donna Olshan
President
dso@olshan.com

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

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