OLSHAN LUXURY MARKET REPORT

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April 8-14, 2013

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

42 Contracts Signed

As T.S Elliot famously wrote: “April is the cruelest month.” Not this year. The first week of April registered 38 contracts signed at $4 million and above, and last week’s total of 42 sales was even more impressive. Drilling down into the numbers, the story hasn’t changed much: Condos out paced co-ops 31-7, and there were 4 townhouse sales. Year-to-date contracts in the luxury market look like this: 311 condos, 90 co-ops, 4 condops, and 41 townhouses, bringing the volume to $3.35 billion. Of the 311 condos sold, 161 were sold off of floorplans in just 2 buildings, 56 Leonard and 150 Charles, where construction will not be completed for 2 to 3 years.

The No.1 contract, however, wasn’t new construction. It was Apartment 10C at 737 Park Avenue, asking $17.5 million, in a building being transformed from a rental to a condo by Macklowe Properties. This 5-bedroom, 6.5-bath corner unit has 4,657 square feet, and wraps around the corner of Park and 71st Street with a 41-foot living room and library.

The No. 2 contract was Apartment 11B at 150 Charles Street, asking $15 million for 4 bedrooms, 4.5 bathrooms, and 3,396 square feet. The foyer, living room, master bedroom, and library offer views of the Hudson River. This 91-unit, 16-story condo will be a glass-and-red-brick construction with 33,000 square feet of lush landscaped gardens. Amenities include a full staff, fitness center, pool, and garage.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 8-14, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

2

Avg.Price:$6,085,714

7

Condos

5

3

2

21

Avg.Price:$7,064,677
Avg.$/sq.ft:$2,864/sq.ft.
Avg.Size:2,467sq.ft.

31

Condops *

0

0

0

0



0

Townhouses

3

0

0

1

Avg.Price:$6,797,500
Avg.$/sq.ft.:$1,934/sq.ft.
Avg.Size:3,569sq.ft.

4

Totals

13

3

2

24

42

Total Weekly Asking Price Sales Volume: $287,745,000
Average Asking Price: $6,851,071
Median Asking Price: $5,775,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:77
*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/130613ee9d9f12.htm
http://media.realplusonline.com/webreports/13061341e988e9.htm

TO VIEW 4 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/130614b7a3372e.htm

Donna Olshan
President
dso@olshan.com

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

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