OLSHAN LUXURY MARKET REPORT

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December 13-19 2010

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 13-19 2010: Total Sales: 17

The luxury market is showing some strength during the Christmas season with last week totaling 17 sales?four more than the week before. Condos outsold Co-ops 8-7. The East Side was the big winner with 9 sales to 3 in Midtown, 3 Downtown and 2 on the Upper West Side.

The Trophy sale was Leslie Wexner's 23-room 5th and 6th floor duplex at 834 Fifth for $34 million. The strong rumor is the buyer is the daughter of a recently deceased financier/philanthropist. The apartment was about to go on the market when the buyer and her husband grabbed it. The other interesting thing is the buyer's sister closed on a $26 million apartment in November in one of Park Avenue's fanciest buildings. That apartment also was not on the market. So these sisters are driving the prices of mid-floor, off-market properties in some of Manhattan's most exclusive co-ops.

The downtown sale of the week was a penthouse in the Chelsea Enclave (177 Ninth Avenue at 21st Street). It is a $10.75 million condop with 3,400 interior square feet and two wrap terraces totaling 2,000 sq.ft. A condop is a co-op with condo rules and in this particular building, the condop leases the land.

There was only 1 townhouse sale and its been the lone sale in the last two weeks in the Manhattan townhouse market. It is a 16' wide house at 387 West End Avenue (78th-79th Streets) and was asking $4,995,000.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above December 13-19, 2010

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

?

1

?

?

7

Condos

3

1

2

2

$2,195/sq.ft.
Average size unit is 2,538/sq. ft.

8

Condops *

?

?

?

1

$3,114/sq.ft.
Average size unit is 3,400/sq. ft.

1

Townhouses

?

1 Asking $1,301 sq. ft.

?

?

?

1

Totals

9

2

3

3

?

17

Totals: 17 Sales
*Condop is a co-op with condo rules.

WEEKLY REAL ESTATE SALES: APARTMENTS
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WEEKLY REAL ESTATE SALES: TOWNHOUSES
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Luxury Property Specialist:

Donna Olshan
President
dso@olshan.com

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

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