OLSHAN LUXURY MARKET REPORT

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March 7-13, 2011

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

March 7-13, 2011: 10 Contracts Signed

The second week in March is flat, with 10 sales, the same as last year at this time. It was a unremarkable week, except for the fact that half of the sales went to contract in less than 60 days. The spread between the original asking price and the last asking price remained tight: 7 % before the property went into contract. Again, condos dominated. There were 6 condo sales, 2 coops, and 2 townhouses.

The No. 1 sale of the week: The Plaza at 1 Central Park South, Apartment 1707, asking $11.950 million for 3 bedrooms, 3.5 baths, and 2,975 sq.ft. This landmark condo/hotel is the historical site of many cultural and social events, from the children's book Eloise to Truman Capote's Black and White Ball. The unit's asking price represents $4,017/sq.ft., just above its 2008 sales price of $10.3 million. The sale reflects stability in the market and in the Plaza itself, which has had its share of lawsuits against the condo developer.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 7-13, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

 

 

 

 

2

Condos

 

2

1

3

Avg. Price: $2,427/sq.ft.
Avg. Size: 2,931 sq.ft.

6

Condops *

 

 

 

 

 

 

Townhouses

 

1

 

1

Avg. Price : $1,702/sq.ft.
Avg. Size: 4,862 sq.ft.

2

Totals

2

3

1

4

 

10

Total Weekly Asking Price Sales Volume: $67,075,000
Average Asking Price: $6,707,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 203 (however half the apartments sold in < 60 days)
*Condop is a co-op with condo rules.

TO VIEW MARCH 7-13 CONTRACTS SIGNED ON 8 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/11051379d4f03c.htm

TO VIEW MARCH 7-13 CONTRACTS SIGNED ON 2 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/11051385c50928.htm

Donna Olshan
President
dso@olshan.com

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

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