OLSHAN LUXURY MARKET REPORT

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February 21-27, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above

FEBRUARY 2011- THE-BIGGEST SALES MONTH SINCE 2007
February 21-27, 2011: Total Sales: 23 Contracts Signed
February 2011: 90 Contracts Signed

Breaking News: This is the biggest month for contracts signed at asking prices of $4 million and above since 2007. In February, 90 luxury properties went under contract totaling $655 million in asking prices. The average asking price was $7.3 million and more than half of the units sold within 90 days. The average discount between the original asking price and the last ask was 6%, and the spread has been narrowing every week since the beginning of the year. Last week, 23 properties sold but half of them were in the new Laureate Condominium at 76th Street and Broadway.

The No. 1 contract last week is also the most expensive house thus far to sell in Manhattan in 2011: 109 Waverly Place, asking $18.9 million. It is a 25í house with 7,000 sq.ft. which was purchased in 2006 for $5.1 million. The owners evicted a tenant by relocating him to an apartment they own on West 23rd Street. They then embarked on an extensive renovation. They never moved in but the payoff was huge.

The No. 2 sale was reported in the Wall Street Journal on Friday: Tom Bradyís apartment at Time Warner Center, 80 Columbus Circle, apartment 74B, asking $18.5 million. Brady is the New England Patriotís quarterback and husband of Brazilian supermodel Giselle Bundchen. The 3BR, 3.5bth apartment with 2,912 square feet was purchased in 2006 for $14 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 21-27, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

3

Condos

15

2

Avg. Price $2,672/ft
Avg. Size 2,227 ft.

17

Condops *

0

Townhouses

2

1

Avg. Price $1,814/ft
Avg. Size 5,541'

3

Totals

5

15

3

23

Total Asking Price Sales Volume: $196,020,705 Average Asking Price: $8,522,609
Total February Asking Price Sales Volume: $655,191,705
Average Discount from Original Ask to Last Asking Price: <1%
Average Days on Market: 40
*Condop is a co-op with condo rules.

WEEKLY CONTRACTS SIGNED APARTMENTS:
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http://media.realplusonline.com/webreports/110429d456a7ab.htm

WEEKLY CONTRACTS SIGNED ON TOWNHOUSES:
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http://media.realplusonline.com/webreports/110429c4393820.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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