OLSHAN LUXURY MARKET REPORT

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May 16-22, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
May 16-22, 2011: 17 Contracts Signed

The week was marked by strong volume, particularly in the highest end of the market.

Five properties sold with asking prices of more than $10 million. The top end of the market has shown strength throughout the Spring season, even though, unlike previous recessions, it was the last sector to come back.

The No. 1 sale of the week, previously unreported on any listing service, goes to 834 Fifth Avenue, Apartment 13/14A, asking $24.9 million. This spectacular 11- room duplex with a terrace fronting Fifth Avenue was reduced from $33 million when it started on the market in September 2009. Sources have confirmed that it sold for over $23 million, with at least three buyers in a bidding war for this trophy property. The duplex is owned by legendary Broadway producer and director Hal Prince, known for Cabaret, Phantom of the Opera, Evita, and Sweeney Todd, among many others. In 2009, Prince scored a very good deal on a 9,400 sq,ft. townhouse at 48 East 74th Street, which he bought for $12.5 million , and then renovated. The challenge of selling at 834 Fifth has been the difficult co-op board. This building has many high profile owners, including Rupert Murdoch, who lives in the triplex penthouse; Jets owner and Johnson & Johnson scion Woody Johnson, Charles Schwab, and convicted felon and former Sothebys chairman Albert Taubman. By the way, Limited Brands CEO Leslie Wexner, sold his fifth and sixth floor duplex for $36 million in January.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 16-22, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

1

 

 

7

Condos

1

1

 

5

Avg. Price: $2,396/sq.ft.
Avg. Size : 2,894 sq.ft.

7

Condops *

 

 

 

 

 

0

Townhouses

1

2

 

 

Avg. Price: $1,509/sq.ft.
Avg. Size: 4,238 sq.ft.

3

Totals

7

4

1

5

 

17

Total Weekly Asking Price Sales Volume: $148,700,000
Average Asking Price: $8,747,059
Median Asking Price:$5,895,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 265
*Condop is a co-op with condo rules.

TO VIEW MAY 16-22, 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/1107224d270e8b.htm

TO VIEW MAY 16-22, 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/110722cf10b1d4.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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