OLSHAN LUXURY MARKET REPORT

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February 11-17, 2013

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

17 Contracts Signed

The stock market was flat last week but luxury real estate kept soaring higher as 17 contracts were signed at $4 million and above. Condos outsold co-ops 11-5, and 1 townhouse sale was in the mix. Year to date, 114 properties have gone to contract at $4 million and above totaling $850,863,000. The breakdown by area: East Side: 55, Downtown: 38, West Side: 17, and Midtown: 4. Once again, the East Side has led in sales thanks to an influx of new luxury condos in the 70s between Lexington and Park. In fact, the No. 1 contract of the week underscores this trend.

That would be Apartment 16C at 737 Park Avenue, asking $12,675,000 after starting on the market only last month at $11 million. Quite a sum for a former rental building that is being converted into a luxury condo by Macklowe Properties. The unit has 2,915 square feet with 3 bedrooms, 3.5 baths, and an eat-in kitchen. The living room and dining room span 42 feet across Park Avenue.

The No. 2 contract was 10/11B at 125 East 72nd Street, asking $12 million. This duplex co-op has 14 rooms including 5 bedrooms, 4.5 baths, and 2 fireplaces. It went to contract within 3 weeks of going on sale.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 11-17, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

0

1

Avg.Price:$6,648,000

5

Condos

6

1

1

3

Avg.Price:$2,381/sq.ft.
Avg.Size:2,381sq.ft.

11

Condops *

0

0

0

0


0

Townhouses

0

0

0

1

Avg.Price:$1,452/sq.ft.
Avg.Size:2,962sq.ft.

1

Totals

9

2

1

5

17

Total Weekly Asking Price Sales Volume: $110,585,000
Average Asking Price: $6,505,000
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:373
*Condop is a co-op with condo rules.

TO VIEW 16 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/1304197f881fc6.htm

TO VIEW 1 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/130418fbc3d010.htm

Donna Olshan
President
dso@olshan.com

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

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