OLSHAN LUXURY MARKET REPORT

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February 18-24, 2013

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

28 Contracts Signed

Talk about a sales blowout! 28 contracts at $4 million and above were signed during President’s Week, totaling $230,355,000, one of the biggest weeks in the last 2 years. More than half of the sales were on the Upper East Side including 4 at 135 East 79th Street, the new 30-unit condo that has reported 22 signed contracts since it opened in October. Prices have averaged $3,119 per square foot, while the 8 remaining units range from $8.750 to $50 million.

The No. 1 contract was the 2nd floor at 320 West 12th Street, asking $25 million, the last of 10 units to sell in the new luxury condo called The Abingdon. The 2nd floor triplex has 9,615 square feet which is equivalent to the size of 2 Greenwich Village townhouses. The apartment has 4 bedrooms and 5.5 baths and offers spectacular entertaining space with 13-foot ceilings, a 35-foot living room, a 24-foot formal dining room, a library, 2 fireplaces and a giant eat-in kitchen with 2 pantries. The master suite alone is over 1,300 square feet. The building is a 1906 Georgian-style structure, once a nursing home, that was purchased in January 2011 for $33 million. Prices in the building averaged $3,057 per square foot.

The No. 2 contract was a townhouse at 45 East 65th Street, asking $24.5 million, reduced from $29 million when it went on the market in October 2010. This 6-story neo-Georgian house is 28-feet wide and has 13,056 square feet, an elevator, a grand staircase, and 12 fireplaces. It needs to be completely renovated. At one time, it was owned by the Council of Foreign Relations and later was the home of the Woodrow Wilson Foundation. In the 1960s, it was purchased by Dr. Albert Ellis, a psychologist renowned for cognitive-behavioral therapy. He donated the house to the Rational Emotive Behavior Therapy Institute, which he founded. Ultimately, he ended up in litigation with the board of the Institute while he continued to live in the house and practice until he passed away in 2007 at the age of 93. The litigation was finally settled in 2010.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 18-24, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

3

0

0

Avg.Price:$6,943,125

8

Condos

8

0

2

6

Avg.Price:$2,407/sq.ft.
Avg.Size:3,442sq.ft.

16

Condops *

1

0

0

0

Avg.Price:$1,550/sq.ft.
Avg.Size:2,952sq.ft.

1

Townhouses

1

2

0

0

Avg.Price:$1,692/sq.ft.
Avg.Size:7,406sq.ft.

3

Totals

15

5

2

6

28

Total Weekly Asking Price Sales Volume: $230,355,000
Average Asking Price: $8,226,964
Median Asking Price: $5,497,500
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:153
*Condop is a co-op with condo rules.

TO VIEW 25 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/130424dbacb49e.htm
http://media.realplusonline.com/webreports/130424fad835c7.htm

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/13042587061aba.htm

Donna Olshan
President
dso@olshan.com

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

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