OLSHAN LUXURY MARKET REPORT

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January 21-27, 2013

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

20 Contracts Signed

An Artic freeze couldn’t chill the luxury market last week. The temperature may have dropped but buyers warmed to thinning inventory: 20 contracts were signed at $4 million and above.

The No. 1 contract was a townhouse at 106 East 71st Street, asking $26.5 million, reduced from $31 million when it went on the market in March 2010. This 6-story, 25-foot-wide limestone house was purchased in 2007 for $16.5 million and transformed from a 2-family into a single-family house with 17-rooms including 7 bedrooms, an elevator, and 7 fireplaces. In October 2010, the 10,235-square-foot building was used to stage the Kips Bay Decorator Show House.

The No. 2 contract was 117 East 64th Street, asking $12 million, which sold after 7 months on the market. This 20-foot-wide townhouse has 7 bedrooms, 6 baths, an elevator, 7 fireplaces, and was renovated in 2005. It has been owned by the Swedish Government since 1978. Sweden also owns 3 other large townhouses, these at the corner of 64th and Park, all of which were purchased in 1946: 600, 604, and 608 Park Avenue. Together they span 125-feet of prime Park Avenue frontage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 21-27, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

1

2

Avg.Price:$7,058,000

5

Condos

3

1

0

5

Avg.Price:$2,394/sq.ft.
Avg.Size:2,740sq.ft.

9

Condops *

0

0

0

0


0

Townhouses

3

1

0

2

Avg.Price:$2,040/sq.ft.
Avg.Size:5,473sq.ft.

6

Totals

7

3

1

9

20

Total Weekly Asking Price Sales Volume: $161,334,000
Average Asking Price: $8,066,700
Median Asking Price: $6,922,500
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:283
*Condop is a co-op with condo rules.

TO VIEW 14 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/130329eb1db4f4.htm

TO VIEW 6 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/130328498fc73c.htm

Donna Olshan
President
dso@olshan.com

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

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