OLSHAN LUXURY MARKET REPORT

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February 28-March 6, 2011

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

February 28-March 6, 2011: 14 Contracts Signed

The uptick in luxury sales continued in the first week in March. There were 14 sales, and as usual, the downtown condos outperformed Upper East Side co-ops 7-5. In addition, one midtown condop and one Upper West Side townhouse were sold.

There is one statistic that bodes well for the future of the luxury market: a 48% increase in the number of children from 3 to 6 years old between 1990 and 2008 (which translates to more people looking for bigger apartments), according to data provided by the Center for Urban Research at City University of New York’s Graduate Center. Not surprisingly, private school applicants have soared, and according to the Wall Street Journal, there was a 10% increase in 2010 in the number of children taking tests for private school admission. Compound this with the fact that since 2008, there has been very little new residential construction in Manhattan. In the first 11 months of 2010, only 11 permits were filed in Manhattan for new condos and rentals, representing a combined total of 505 units.

The No. 1 sale of the week: A 10-room apartment (4A) in the River House at 435 East 52nd Street. The asking price was $12. 9 million with a monthly maintenance of $9,100, having been reduced from $14.495 million when it was first listed in May 2010. The River House is a masterpiece of residential architecture, with apartments that have baronial rooms overlooking the East River. Admission by the co-op board is highly difficult and was much publicized for turning down Gloria Vanderbilt 31 years ago.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 28-March 6, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

 

1

 

 

5

Condos

 

2

1

4

Avg. Price: $2,032/sq.ft.
Avg. Size: 3,160 sq.ft.

7

Condops *

 

 

1

 

Avg. Price: $2,377/sq.ft.
Avg. Size : 1,849 sq.ft.

1

Townhouses

 

1

 

 

Avg. Price Avg. Price : $1,155 sq.ft.
Avg. Size: 7,530 sq.ft.

1

Totals

4

3

3

4

 

14

Total Weekly Asking Price Sales Volume: $93,980,000
Average Asking Price: $6,712,857
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 297
*Condop is a co-op with condo rules.

TO VIEW FEB. 28- MARCH 6 CONTRACTS SIGNED ON APARTMENTS:
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/1105066100d26f.htm

TO VIEW FEB. 28- MARCH 6 CONTRACTS SIGNED ON TOWNHOUSES:
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/110506dc923342.htm

Luxury Property Specialists:
Emily Chen
echencarrera@gmail.com or ecc@olshan.com
917-853-9235

Donna Olshan
President
dso@olshan.com

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

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