OLSHAN LUXURY MARKET REPORT

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December 31, 2012-January 6, 2013

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

8 Contracts Signed

We are kicking off the first week of 2013 with 8 contracts signed at $4 million and above. But here’s the big news: The Manhattan residential landscape is in the throes of the lowest inventory ever recorded.

The appraisal firm of Miller Samuel reported that 2012 ended with a 34.2% decline in inventory—put another way, only 4,749 properties are currently on the market as opposed to 7,221 at the same time last year. Though other real estate websites report different stats--for example, Urbandigs.com claims a 29.1% decline with 4,495 properties for sale---the trend is clear: Manhattan inventory is shrinking to less than a 6-month supply, setting the stage for higher prices.

The No.1 contract signed last week at $4 million and above was Apartment 7A at 130 West 12th Street, asking $7.5 million. This 4-bedroom, 3- bath unit has 2,816 square feet and is being sold after being purchased in August 2012 for $6,211,325. It is located in a nurses’ residence converted to a condominium by The Rudin Organization as part of the development of the former St. Vincent’s Hospital complex.

The No. 2 contract was the 4th floor at 84 Mercer, asking $7.25 million. This gigantic loft has 9,427 square feet and spans 200-feet in length between 2 buildings from Mercer to Broadway. The co-op is configured as 3 bedrooms, a gallery space with 12-foot ceilings, 19 columns, and 21 oversized windows. The unit needs to be renovated. The monthly maintenance is $10,082.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 31, 2012-January 6, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

0

1

0

2


3

Condos

1

0

1

2

Avg.Price:$2,560/sq.ft.
Avg.Size:2,485sq.ft.

4

Condops *

0

1

0

0


1

Townhouses

0

0

0

0

Avg.Price:$953/sq.ft.
Avg.Size:4,719sq.ft.

0

Totals

1

2

1

4

8

Total Weekly Asking Price Sales Volume: $49,575,000
Average Asking Price: $6,196,875
Median Asking Price: $6,612,500
Average Discount from Original Ask to Last Asking Price:0%
Average Days on Market:226
*Condop is a co-op with condo rules.

TO VIEW 8 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/1303076a0ee71b.htm

TO VIEW 0 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/1303075fe91efd.htm

Donna Olshan
President
dso@olshan.com

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

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