OLSHAN LUXURY MARKET REPORT

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February 4-10, 2013

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

18 Contracts Signed

The first full week of February was punctuated by a snow storm--and a flurry of activity in the luxury market: 18 contracts were signed at $4 million and above. Condos outsold co-ops 12-3, and there were 3 townhouse sales.

The No. 1 contract was Penthouse 2 at 140 East 63rd Street, asking $10,750,000. This Barbizon condo started on the market in December 2008 at $16 million, and later reduced to $12.5 million before it was withdrawn from the market in 2010 to undergo terrace repairs. It went back on the market in December 2011 for $11.75 million. The apartment is a duplex—the living room, dining room, guest room/library, and 2 large terraces are upstairs and 3 bedrooms are downstairs. There are 3,252 square feet and 4.5 baths. The large terraces are surrounded by original Gothic brick archways, giving the apartment a European ambience.

The No. 2 contract was the 6th floor at 320 West 12th Street, asking $9,995,000. This 3-bedroom, 2.5-bath apartment has 3,531 square feet in the Abingdon, a new 10-unit luxury condo that the developer now reports as sold out. The Abingdon units started on the market in June with the sale of 2 penthouses at $19.5 and $25 million. It is a Georgian-style 1906 building that was a former nursing home and purchased in January 2011 for $33 million. Prices in the building averaged $3,299/square feet.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 4-10, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

0

0

2

Avg. Price:$5,114,667

3

Condos

6

1

0

5

Avg.Price:$2,397/sq.ft.
Avg.Size:2,984

12

Condops *

0

0

0

0


0

Townhouses

0

0

0

3

Avg.Price:$2,637/sq.ft.
Avg.Size:2,970sq.ft.

3

Totals

7

1

0

10

18

Total Weekly Asking Price Sales Volume: $124,689,000
Average Asking Price: $6,927,167
Median Asking Price: $6,625,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:157
*Condop is a co-op with condo rules.

TO VIEW 15 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:
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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/130411e0e40daf.htm

Donna Olshan
President
dso@olshan.com

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

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