OLSHAN LUXURY MARKET REPORT

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April 29-May 5, 2013

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

33 Contracts Signed

Yet again, condos outsold co-ops (21-9) at $4 million and above. There were 2 townhouses and 1 condop in the mix. For the first time this year, though, co-ops scored a rare perfecta, placing No. 1 and No.2 among all contracts signed.

The No. 1 contract was Apartment 9A at 720 Park Avenue, asking $25 million, reduced from $30 million when it went on the market in June 2011. This 14-room co-op has 5 bedrooms, 6 bathrooms, 3 fireplaces, and needs a major renovation. The living room, formal dining room, library, and master bedroom face Park Avenue. The monthly maintenance is $17,505.

The No. 2 transaction was $16,250,000 for a combination of two units at 911 Park Avenue: 4A and 4B, which are being purchased from two separate owners. Apartment 4A is 8 rooms and 4B is 12 rooms, together totaling approximately 7,400 square feet. The combined co-op will span the entire front of 911 Park Avenue, and have a monthly maintenance of $12,081.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 29-May 5, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

9

0

0

0

Avg.Price:$8,419,400

9

Condos

5

3

4

9

Avg.Price:$7,073,950
Avg.$/sq.ft.:$2,806/sq.ft.
Avg.Size:2,521sq.ft.

21

Condops *

0

0

0

1

Avg.Price:$6,995,000
Avg.$/sq.ft.:$2,203
Avg.Size:3,174sq.ft.

1

Townhouses

0

1

0

1

Avg.Price:$4,880,000
Avg.$/sq.ft:$1,051
Avg.Size: 4,643sq.ft.

2

Totals

14

4

4

11

33

Total Weekly Asking Price Sales Volume: $241,978,000
Average Asking Price: $7,332,667
Median Asking Price: $6,400,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:214
*Condop is a co-op with condo rules.

TO VIEW 31 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/1307049230cab2.htm
http://media.realplusonline.com/webreports/130705a9b80e85.htm

TO VIEW 2 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/1307043aabc230.htm

Donna Olshan
President
dso@olshan.com

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

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