OLSHAN LUXURY MARKET REPORT

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January 3, 2011-January 9, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 3-9, 2011: Total Sales: 12 Apartments 1 Townhouse

The first week of 2011 is starting off with volume fairly equivalent to 2010. Twelve apartment contracts were compared to 13 last year. The breakdown: 7 condos, 5 co-ops, and 1 townhouse. The No. 1 sale was 26C at 15 Central Park West ?the most famous condo in New York that consistently outperforms the market. It took just two months to get a contract signed on this 2,671 sq.ft., three bedroom asking $17.5 million or $6,338/sq.ft. This follows the spectacular $40 million sale of 41B, a three bedroom with 3,899 sq.ft. and 2 terraces, which closed on 12/20/2010 at $10,259/sq.ft. 41B was the most expensive apartment sold in 2010 and the most expensive on a price/sq.ft. basis ever sold in Manhattan.

Of the five co-ops that sold this week, several were significantly discounted. The 15-room triplex penthouse at 812 Park Avenue, which was asking $15.9 million, went under contract after starting on the market in 2007 at $35.6 million. Excluding this sale, the rest of the co-ops were able to get contracts signed after reducing their prices an average of 15%.

There was one townhouse sale this week--a 16-foot wide house at 130 East 71st street that was asking $7,995,000 or $1,559/sq.f.t. It started on the market in February 2010 for $11,250,000.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 3, 2011-January 9, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

 

1

 

 

5

Condos

3

2

1

1

$2,825/sq.ft.
Average size=2,707

7

Condops *

 

 

 

 

 

0

Townhouses

1

 

 

 

$1,599/sq.ft.

1

Totals

8

2

2

1

 

13

Totals: 13 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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