OLSHAN LUXURY MARKET REPORT

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March 21-27, 2011

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

BREAKING NEWS: MARCH AND FEBRUARY THE STRONGEST MONTHS IN 4 YRS
March 21-27, 2011: Total Sales: 20 Contracts Signed

Breaking News: We've just concluded another strong week, helping to make this the strongest March in 4 years. Twenty contracts were signed, an increase of 50% over March 2010. In addition, February and March were the two strongest back-to-back months in the last 4 years. Condos have outsold co-ops 2-1 in the past two months.

The No. 1 contract of the week: The Penthouse at 471 Washington Street, asking $15 million. It is a 3 bedroom, 3.5 baths with 4,209 interior square feet and 4,000 square feet of terrace, which houses its own private swimming pool. The interesting thing about 471 Washington Street, a 12-unit condo building once in foreclosure, is it emerged from the "Problem Developer Category." This is real estate tainted by foreclosure, debt restructuring issues, construction problems, or litigation among principals (i.e. The Apthorpe at 390 West End). This week, 6 units went to contract in this category. Could this be the beginning of a wave of 2011 luxury sales in development turnarounds? One thing it does reflect is a market showing signs of inventory shortage combined with growing consumer confidence. These sales at asking prices of $4 million and above were made in the following "Problem Developer Category" condo buildings: 230 West 78th Street, 390 West End (Apthorpe, 2 sales), 471 Washington Street (3 sales).

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

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

1

5

Condos

1

5

1

7

Avg. Price: $2,266 sq.ft.
Avg. Size: 2,839 sq.ft

14

Condops *

0

Townhouses

1

Avg. Price: $1,667/sq.ft
Avg Size: 4,500'

1

Totals

4

6

2

8

20

Total Asking Price Sales Volume: $136,117,163
Average Asking Price: $6,805,858
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 168
*Condop is a co-op with condo rules.

TO VIEW MARCH 21-27: 19 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/110527b2359a7b.htm

TO VIEW MARCH 21-27: 1 CONTRACT 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/110527a444d7b0.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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