OLSHAN LUXURY MARKET REPORT

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January 17-23, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 17-23, 2011: Total Sales: 10 Contracts Signed

Ten properties went to contract--double last week's activity. Overall, the volume of sales in the last 2 weeks was exactly the same as 2010?17 total sales. Last week, condos outsold co-ops 8-1, and there was one sale of a 20' wide townhouse at 338 West 84th Street, asking $4.4 million. This two-family house needed renovation and was inexpensively priced, asking $802/sq.ft But pay attention to this: All 10 properties went to contract after price reductions that averaged 16% off their original asking price. This has been a continuing theme the past couple of months. Many of the properties that finally sell start too high.

The No. 1 sale of the week was a 4 bedroom, 3,253 sq.ft. condo at 7 Hubert Street, asking $6,895,0000. This is a solid Tribeca condominium built in 2003 and financed by Goldman Sachs' Whitehall Funds.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 17-23, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

1

 

 

 

1

Condos

4

 

1

3

$2,053/sq.ft.
Avg. size = 2,599 sq.ft.

8

Condops *

 

 

 

 

 

0

Townhouses

 

1

 

 

 

1

Totals

4

2

1

3

 

10

Totals: 10 Sales
*Condop is a co-op with condo rules.

WEEKLY CONTRACTS SIGNED: APARTMENTS $4 Million and Above
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/11032584bfb4e6.htm

WEEKLY CONTRACTS SIGNED: TOWNHOUSES $4 Million and Above:
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/110325d2503672.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

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

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