OLSHAN LUXURY MARKET REPORT

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January 13-20, 2013

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

19 Contracts Signed

For the second week in a row, the market has maintained a strong pace, perhaps a preview of what’s to come for 2013. Once again, the East Side dominated with 11 out of 19 contracts at $4 million and above.

The No. 1 contract was Apartment 14/15A at 770 Park Avenue, asking $19.5 million, reduced from $28 million when it was listed by the U.S. Marshal’s Office in March 2011. The sale is part of the liquidation of assets of Hassan Nemazee, the Iranian-American investor and son of a shipping magnate who, in 2010, was sentenced to a prison term of 12 years for a Ponzi scheme and bank fraud totaling $292 million. The co-op has 15 rooms including 6 bedrooms, 6 baths, and 2 terraces.

The No. 2 contract was Apartment 9W at 135 East 79th Street, asking $10,520,000. This 4-bedroom, 3.5-bath condo has 3,287 square feet. The building is still under construction, and when completed it will offer a prewar design and high quality finishes. Three contracts were reportedly signed in the building last week, bringing a total of 14 out 30 units sold at an average asking price of $2,910/sq.ft..

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 13-20, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

0

1

Avg.Price:$9,149,000

5

Condos

7

1

0

2

Avg.Price:$2,471/sq.ft.
Avg.Size:2,832sq.ft.

10

Condops *

1

0

1

0

Avg.Price:$2,461/sq.ft.
Avg.Size:2,499sq.ft.

2

Townhouses

1

0

0

1

Avg.Price:$1,690/sq.ft.
Avg.Size:4,334sq.ft.

2

Totals

11

3

1

4

19

Total Weekly Asking Price Sales Volume: $142,675,000
Average Asking Price: $7,509,211
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price:12%
Average Days on Market:510
*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:
http://media.realplusonline.com/webreports/130321a7dcf4f8.htm

TO VIEW 2 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/1303214b28a6d6.htm

Donna Olshan
President
dso@olshan.com

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

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