OLSHAN LUXURY MARKET REPORT

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December 17-23, 2012

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

21 Contracts Signed

Holiday Cheer seemed to have overwhelmed any fear of the fiscal cliff –at least in the luxury real estate market in Manhattan. Merry shoppers again dug deep into their pockets last week as 21 contracts were signed at $4 million and above.

The No.1 contract was Apartment 32A at 151 East 58th Street, asking $14 million. This is a corner 3 bedroom, 3.5 bathroom condo with 2,415 square feet and a 750 square foot terrace that spans the length of the unit. The apartment, which was purchased in 2005 for $5,498,550, has magnificent views of Central Park and the city, and is located in the highly prized Beacon Court Condominium, which was built in 2001. There was a flurry of activity in the building last week with 3 sales signed starting at $6.3 million.

The No. 2 contract was Apartment 4A at 2 East 70th Street, asking $13,500,000. This is a 10-room co-op with 3 bedrooms, 3 baths, maid’s room, and office. The rooms are large in scale and include a 30-foot living room with a wood-burning fireplace. This corner unit views Central Park and the Frick Museum gardens.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 17-23, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

0

0

2


6

Condos

1

1

4

6

Avg.Asking:$2,508/sq.ft.
Avg.Size:2,856sq.ft.

12

Condops *

0

0

0

0


0

Townhouses

0

0

0

3

Avg.Asking:$1,842/sq.ft.
Avg.Size:3,343sq.ft.

3

Totals

5

1

4

11

21

Total Weekly Asking Price Sales Volume: $156,399,000
Average Asking Price: $7,447,571
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:181
*Condop is a co-op with condo rules.

TO VIEW 18 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/1302220c2c6692.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/1302218942882f.htm

Donna Olshan
President
dso@olshan.com

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

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