OLSHAN LUXURY MARKET REPORT

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December 10-16, 2012

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

21 Contracts Signed

There are 8 more shopping days til Christmas, and it’s already been the merriest of holiday seasons since we started tracking the luxury real estate market in 2007. 21 Contracts were signed last week at $4 million and above including 8 north of $10 million and 3 at $20 million and above.

The No.1 transaction was a combination of Penthouses 3 and 4 at 212 West 18th Street,totaling $33,885,000. The combination offers 6,054 square feet, 3 terraces, and 3 fireplaces, plus north, south, and west views, in the new Walker Tower Condominium. Penthouse 3, a 4-bedroom, 4.5-bathroom unit, asking $20,990,000, will be combined with Penthouse 4, which has 2 bedrooms and 2.5 bathrooms, asking $12,895,000. Walker Tower Condominium was the original Art Deco office building of New York Telephone that has been transformed into a condo with some of the highest quality finishes ever seen in new construction in Manhattan. The units have ceiling heights ranging from 10 to almost 14 feet with windows that are 8 to 9.5 feet in height and 5-feet wide. There are herringbone floors with radiant heat throughout, kitchens outfitted with Smallbone Devizes cabinets, marble and limestone countertops, and an ultra luxury appliance package. All the bathrooms have custom marble details and Waterworks fittings. One unique feature of the building is a built-in humidification system used in museums. The building amenities also include doormen, concierge, library lounge with pantry and bar, children’s playroom, bike storage, fitness center with a yoga room, sauna, and a landscaped common roof deck with a dining area, sun lawn, observation area, and a covered cabana.

The No. 2 contract was Apartment 63 at 1 West 72nd Street, asking $29,600,000. This is the most expensive unit ever sold in the legendary Dakota, and is owned by co-op board President Bruce Barnes. Our records show that it was purchased in 1995 for $3,850,000. The apartment has 9 rooms including 3 bedrooms, 3 baths, 12-foot ceilings, 7 wood- burning fireplaces, and central air conditioning. There is a 97-foot expanse overlooking Central Park with views from the living room, master bedroom, library, study, and 2nd bedroom.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 10-16, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

1

0

0


7

Condos

5

2

1

5

Avg.Price:$3,621/sq.ft.
Avg.Size:2,795sq.ft.

13

Condops *

0

0

0

0



0

Townhouses

0

0

0

1

Avg.Price:$2,241/sq.ft
Avg.Size:4,684sq.ft.

1

Totals

11

3

1

6

21

Total Weekly Asking Price Sales Volume: $217,350,000
Average Asking Price: $10,350,000
Median Asking Price: $7,372,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:135
*Condop is a co-op with condo rules.

TO VIEW 20 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/130214558965ee.htm


TO VIEW 1 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/1302141371158e.htm

Donna Olshan
President
dso@olshan.com

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

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