OLSHAN LUXURY MARKET REPORT

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May 2-8, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
May 2-8, 2011: 9 Contracts Signed

The week was uneventful, the slowest since the last week in January, with only 9 sales, far below the 2011 average of 16 sales. We had a gust of activity from February thru April, when a lot of the upper end inventory sold. For example: Some of the new construction, like the Laureate Condo at 2150 Broadway, sold half of its 70 units since the end of February. But after an accelerated Spring market, it seems we are now settling down.

The No. 1 listed sale of the week goes to a three bedroom apartment in the Pierre Hotel at 795 Fifth Avenue, asking $10,995,000. It sold within 4 months, and its defining feature is three major rooms overlooking Central Park. The monthly maintenance is $9,641, and owners have access to all the hotel services.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 2-8, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

 

 

 

4

Condos

 

 

 

4

Avg. Price: $1,377/sq.ft.
Avg. Size : 3,999 sq.ft.

4

Condops *

 

 

 

 

 

0

Townhouses

 

1

 

 

Avg. Price: $932/sq.ft.
Avg. Size: 4,500 sq.ft.

1

Totals

3

2

 

4

 

9

Total Weekly Asking Price Sales Volume: $56,185,000
Average Asking Price: $6,242,778
Median Asking Price: $4,850,000
Average Discount from Original Ask to Last Asking Price: % .005
Average Days on Market: 191
*Condop is a co-op with condo rules.

TO VIEW MAY 2-8, 2011: 8 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/110708715fb6c0.htm

TO VIEW MAY 2-8, 2011: 1 CONTRACT SIGNED ON TOWNHOUSE:
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/11070863547a39.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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