OLSHAN LUXURY MARKET REPORT

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March 28-April 3, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
March 28-April 3, 2011: Total Sales: 20 Contracts Signed

April is starting out like a bull month with 20 contracts signed. Nine weeks of solid numbers in the luxury end is beginning to look like a sustainable trend. One thing to note: the spread between the original asking price and last asking price is getting tighter--an average of 4 % in the last 6 weeks.

The No. 1 contract of the week: A 25’ wide townhouse at 113 East 90th Street, asking $10,995,000. It is a firehouse converted into a townhouse, which is used as an art gallery and private residence. This year six houses have gone to contract at asking prices above $10 million. Half sold in Greenwich Village and the other half on the Upper East Side. The No. 1 townhouse sale of 2011 closed this week: 117 East 69th Street, which sold for $23 million. The empty Neo-Georgian house is 40’ wide and was owned by Edgar Bronfman Jr., who purchased it in 2008 for $28.5 million from Jim Henson Productions, creator of the Muppets.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 28-April 3, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

 

 

6

Condos

1

7

 

3

Avg. Price: $1,981/sq.ft.
Avg. Size: 2,786 sq.ft.

11

Condops *

 

 

 

 

 

0

Townhouses

3

 

 

 

Avg. Price: $1,676/sq.ft.
Avg Size: 3,975 sq.ft.

3

Totals

7

9

1

3

 

20

Total Asking Price Sales Volume: $132,584,000
Average Asking Price: $6,629,200
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 183
*Condop is a co-op with condo rules.

TO VIEW MARCH 28-APRIL 3: 17 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/1106030bb1ccbc.htm

TO VIEW MARCH 28-APRIL 3: 3 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/1106033cc2bdb3.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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