OLSHAN LUXURY MARKET REPORT

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January 7-13, 2013

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

17 Contracts Signed

The market picked up strength last week with 17 contracts signed at $4 million and above. Surprisingly, 14 were on the Upper East Side.

The No.1 contract last week was a townhouse at 12 East 82nd Street, asking $19 million after starting on the market in the middle of November at $15 million. It was purchased in 2006 for $14 million by Russian-born real estate developer, Jana Bullock, and then gutted with the rear wall removed. Department of Buildings complaints and violations piled up over the years as the house remained empty. But the new buyer will get a 21-foot wide shell with 8,456 square feet to work with and a fabulous location, a stone’s throw from the Metropolitan Museum of Art.

The No. 2 contract was the 11th floor at 18 Gramercy Park, asking $18,090,000. The condo has 4,207 square feet, 4 bedrooms, 5.5 baths, with views of and a key to Gramercy Park. It is located in the new 16-unit condo from the team that developed 15 Central Park West: architect Robert A.M. Stern and developers Zeckendorf Realty. This building recently reported the most expensive apartment sold downtown --a $42- million penthouse (sold to Houston Rockets owner Leslie Alexander, according to various news reports).

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 7-13, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

0

0

Avg.Price:$8,407,500

6

Condos

4

1

0

1

Avg.Price:$2,955/sq.ft.
Avg.Size:3,003 sq.ft.

6

Condops *

1

0

0

0

Avg.Price:$2,321/sq.ft.
Avg.Size:2,477sq.ft.

1

Townhouses

4

0

0

0

Avg.Price:$1,950/sq.ft.
Avg.Size:6,173 sq.ft.

4

Totals

14

2

0

1

17

Total Weekly Asking Price Sales Volume: $157,590,000
Average Asking Price: $9,270,000
Median Asking Price: $8,900,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:237
*Condop is a co-op with condo rules.

TO VIEW 13 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/13031465615702.htm

TO VIEW 4 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/130314e1f8649d.htm

Donna Olshan
President
dso@olshan.com

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

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