OLSHAN LUXURY MARKET REPORT

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April 1-7, 2013

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

38 Contracts Signed

Being that the Yankees and Mets opened their 2013 season on April 1, it seems only appropriate that my thoughts would turn to Yogi Berra for guidance in interpreting last week’s luxury real estate market. To quote Mr. Berra, it was déjà vu all over again: 38 contracts were signed at $4 million and above, and for yet another week, the stats were boosted by new developments. Of the 38, 16 were sold off floorplans at 56 Leonard Street, a condo that will not be completed for 2 to 3 years.

The No.1 contract was Apartment 16A at 720 Park, asking $25 million. It took less than a month to sell this 10-room co-op that has 3 bedrooms, 4.5 baths, 2 fireplaces, and 5 terraces. The unit has 90-feet of frontage facing Park Avenue, and is in excellent condition.

The No. 2 contract was a combination deal: 2 condos on the 8th floor at 521 Park Avenue that together were asking $12,950,000. Before last week’s contract, the 2 units were purchased in September 2012 for $9.525 million. When the building was first built in 1912, the space was conceived as 1 unit with 4,100 square feet including a living room, library, formal dining room, 4 bedrooms, 4 maid’s rooms, 4 baths, and 2 fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 1-7, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

4

2

3

Avg.Price:$8,898,000

10

Condos

2

1

2

22

Avg.Price:$6,248,542
Avg.$/sq.ft: $2,706/sqft.
Avg.Sq.Ft: 2,309sq.ft.

27

Condops *

0

0

0

1



1

Townhouses

0

0

0

0

Avg.Price:$4,250,000
Avg.$/sq.ft.:$1,476/sq.ft.
Avg.Sq.Ft.:2,880sq.ft.

0

Totals

3

5

4

26

38

Total Weekly Asking Price Sales Volume: $257,770,000
Average Asking Price: $6,783,421
Median Asking Price: $5,800,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:159
*Condop is a co-op with condo rules.

TO VIEW 38 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/13060651a882fb.htm
http://media.realplusonline.com/webreports/130606a020d7be.htm

TO VIEW 0 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/13060682c2b8b2.htm

Donna Olshan
President
dso@olshan.com

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

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