OLSHAN LUXURY MARKET REPORT

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May 30-June 5, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
May 30-June 5, 2011: 14 Contracts Signed

There were 14 contracts signed, a mark of stability for a week that included a national holiday, Memorial Day. Three of the properties were penthouses with large terraces--something that many buyers dream of. One penthouse, at 16 East 84th Street, even had a putting green. Many of the properties were lavishly renovated, and many buyers will pay a premium for the convenience of not having to renovate. Nothing demonstrates this better than the No. 1 sale of the week—Penthouse CD at 2 Horatio Street, asking $14,950,000.

2 Horatio is a prewar co-op with over 230 units. Most are studios and 1 bedroom apartments that sell well below $1.5 million. Penthouse CD is a duplex apartment with 4 bedrooms, 4.5 baths, a fireplace, and 2 magnificent wraparound terraces. The apartment had undergone a 2-year renovation before it hit the market in January 2011. It is the most expensive downtown co-op sold so far in 2011.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
May 30-June 5, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

 

2

 

6

Condos

1

2

2

2

Avg. Price: $2,219/sq.ft.
Avg. Size : sq.ft. 2,359

7

Condops *

 

 

 

 

 

0

Townhouses

1

 

 

 

Avg. Price: $1,917/sq.ft.
Avg. Size: 6,000 sq.ft.

1

Totals

4

4

2

4

 

14

Total Weekly Asking Price Sales Volume: $ 93,520,000
Average Asking Price: $6,680,000
Median Asking Price: $5,612,500
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 209

TO VIEW MAY 30-June 5, 2011: 13 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/11080520c4fdc8.htm

TO VIEW MAY 30-June 5, 2011: 1 CONTRACT SIGNED ON A 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/11080429672e46.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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