OLSHAN LUXURY MARKET REPORT

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June 6-12, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
June 6-12, 2011: 14 Contracts Signed

There were 14 contracts signed, the same number as the Memorial Day week. The big difference is that this week's contracts are for larger apartments , including one of the highest priced co-op sales of the year and one of the highest priced townhouses on the Upper West Side.

The No. 1 contract was the 4th floor at 625 Park Avenue, asking $29.75 million. It is a renovated apartment with 5,000 square feet that is being sold with an adjacent apartment of 2,500 square feet. Architectural drawings are available to combine the two units, which would result in 15 rooms, 6 bedrooms, 6 bathrooms, a gourmet kitchen, 5 working fireplaces, and central air conditioning.

The No. 1 townhouse contract was at 9 West 84th Street. Its asking price of $13 million is close to the February sale of 41 West 74th Street, a 20-feet wide, 8,175 square foot house that closed for $12.5 million, making it the highest priced Upper West Side sale of 2011. The house at 9 West 84th Street is 19' wide with 5,476 square feet. It was a multi-family house purchased in 2006 for $5,020,000. The new owners renovated and converted it into a single family house, installing an elevator, gym, 5 bedrooms,7 bathrooms, and a library. The house went to contract in less than 3 months, and its sale demonstrates the upside potential of renovating a townhouse in a prime location.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 6-12, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

1

 

 

5

Condos

 

5

 

1

Avg. Price: $1,914/sq.ft.
Avg. Size : sq.ft. 3,586

6

Condops *

 

 

 

 

 

0

Townhouses

2

1

 

 

Avg. Price: $1,720/sq.ft.
Avg. Size: 4,315 sq.ft.

3

Totals

5

7

1

1

 

14

Total Weekly Asking Price Sales Volume: $ 127,822,000
Average Asking Price: $9,130,143
Median Asking Price: $5,795,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 288

TO VIEW June 6-12, 2011: 11 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/110812cf9d05c4.htm

TO VIEW June 6-12, 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/110812ed23da36.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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