OLSHAN LUXURY MARKET REPORT

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May 27-June 2, 2013

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

28 Contracts Signed

Twenty-eight contracts were signed last week at $4 million and above, and almost half of the sales were below $5 million. It was a big week for duplex apartments. The Wall Street Journal reported that Madonna finally sold her duplex at 41 Central Park West, which was asking $19.95 million(reduced from $23.5 million)-- but the price has not been recorded yet so we can’t say what it went for. Another duplex, this one owned by billionaire investor J. Christopher Flowers, had a deal signed that ended up being the No.1 contract of the week.

The Flowers’ apartment is on the 14th and 15th floors of 66 East 79th Street, which was asking $17 million, $2 million less than what Flowers paid in 2006. This 12-room prewar co-op has 6 bedrooms, 7 bathrooms, and 4 fireplaces. The downstairs entertaining space has a 30-foot living room, sun room/loggia, paneled library, sitting room, formal dining room, eat-in kitchen, a laundry room, and staff quarters. There are 4 bedrooms upstairs on the 15th floor. In December, Flowers bought a 2nd floor apartment at 640 Park Avenue for $20 million from renowned plastic surgeon Daniel Baker.

The No. 2 contract was 122 Waverly Place, a townhouse asking $16,500,000, reduced from $18.9 million when it went on the market in November. This 22-foot-wide, 5-story house was purchased in March 2005 for $6,025,000 and then gut renovated. It has almost 7,000 square feet with an elevator, 4 bedrooms, and 6 bathrooms. The interior is a highly-stylized modern décor with the rear wall of the house removed and replaced by glass.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 27-June 2, 2013

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

0

1

Avg.Asking:$8,954,286

7

Condos

3

2

1

10

Avg.Asking:$6,668,750
Avg.$/sq.ft.:$2,314/sq.ft.
Avg.sq.ft.:2,882sq.ft.

16

Condops *

1

0

0

0

Avg.Asking:$9,000,000
Avg.$/sq.ft.:$4,511/sq.ft.
Avg.sq.ft.:1,995sq.ft.

1

Townhouses

1

0

0

3

Avg.Asking:$9,185,000
Avg.$/sq.ft.:$2,165/sq.ft.
Avg.sq.ft.:4,243sq.ft.

4

Totals

10

3

1

14

28

Total Weekly Asking Price Sales Volume: $215,120,000
Average Asking Price: $7,682,857
Median Asking Price: $5,645,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:154
*Condop is a co-op with condo rules.

TO VIEW 24 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/13080280789343.htm
http://media.realplusonline.com/webreports/13080239aaafd6.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/130801a45ee3af.htm

Donna Olshan
President
dso@olshan.com

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

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