OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


January 24-30, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 24-30, 2011: Total Sales: 10 Contracts Signed

There were 9 sales this week, capping a month of snow storms. In January, condos outsold co-ops 2-1. Sales volume was exactly the same as 2010. One interesting number is the negotiability factor. Properties that sold this month at $4 million and above were discounted an average of 18% off their original asking price. The theme is that properties do not sell until they are priced right.

One big unit that flew right off the shelf is the No. 1 sale of the week: 34 B at 151 East 58 Street, asking $16,500,000. It is a 4 bedroom condo with 3.5 baths, 3009 sq.ft., and a 1,200 sq.ft. terrace. It sold within two weeks of hitting the market, asking $5,845 /sq.ft. It was originally purchased in 2007 for $10,995,000. The apartment is in Beacon Court Condominium, designed by famed architect Cesar Pelli. Bloomberg L. P. occupies the first 31 floors of commercial space of the building, and the upper 21 floors is a residential condominium, generally considered one of the best in New York.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 24-30, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

1

 

 

 

1

Condos

1

 

1

3

$2,826/sq.ft.
Avg. size= 3,341'

5

Condops *

 

 

 

 

 

0

Townhouses

1

1

 

1

$1,236/sq.ft
Avg. size = 3,871'

3

Totals

2

2

1

4

 

9

Totals: 9 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/11040103434a60.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/1104012c7e4d05.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

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

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook