OLSHAN LUXURY MARKET REPORT

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April 4-10, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
April 4-10, 2011: Total Sales: 17 Contracts Signed

We just wrapped up the strongest quarter in 4 years. There were 175 contracts at asking prices of $4 million and above, totaling $468 million. The quarter was highlighted by the most expensive condo sale in the history of New York: a 6,000 sq.ft. , 12th floor apartment at The Plaza, bought by Russian composer Igor Krutoy.

April is starting with strength and velocity. There were 17 sales this week, of which 10 sold within 60 days of going on the market. That's fast by any standard.

The No. 1 sale of the week was apartment 6AD at 907 Fifth Avenue-- a four bedroom, 3.5 bath apartment facing Central Park. It was asking $11.75 million, after starting on the market in February of 2010 at $18.75 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 4-10, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

 

 

2

 

8

Condos

 

5

 

1

Avg. Price: $2,442/sq.ft.
Avg. Size: . 2,642 sq.ft.

6

Condops *

 

 

 

 

 

0

Townhouses

1

1

 

1

Avg. Price: $1,289/sq.ft.
Avg Size: 4,119 sq.ft.

3

Totals

7

6

 

4

 

17

Total Asking Price Sales Volume: $112,365,000
Average Asking Price: $ 6,609,706
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 193
*Condop is a co-op with condo rules.

TO VIEW APRIL 4-10, 2011: 14 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/110610d7ad9477.htm

TO VIEW APRIL 4-10, 2011: 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/110610f800153a.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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