OLSHAN LUXURY MARKET REPORT

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June 27-July 3, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
June 27-July 3, 2011: 15 Contracts Signed

Happy July 4th. We had 15 contracts signed last week, 4 of them being penthouses. Traditionally, June has been not only a great month for wedding s, but also for penthouses. Spring and summer are the seasons when owners list their penthouses--the weather is warm, terraces are in full bloom and ripe for enticing buyers. This past June, 17 contracts were signed on penthouses, more than a quarter of the entire month’s apartment sales. And nothing was more spectacular than the No. 1 sale of the week: a $22,500,000 penthouse at 970 Park Avenue.

The 970 Park PHN went on the market in the middle of May and took just over a month to have a contract signed. It is a triplex with approximately 5,000 interior square feet, including 5 bedrooms, 5.5 bathrooms, and 2 wood burning fireplaces. The apartment has two glorious wraparound terraces that total approximately 2,700 square feet. The top floor is finished with a glass-walled den and wet bar that opens onto a terrace with views of Central Park that make it a smashing place for a party.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 27-July 3, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

 

 

2

 

5

Condos

3

2

 

4

Avg. Price: $2,060/sq.ft.
Avg. Size : 2,640 sq.ft.

9

Condops *

 

 

 

 

Avg. Price: $/sq.ft.
Avg. Size:

0

Townhouses

1

 

 

 

Avg. Price: $1,402/sq.ft.
Avg. Size: 8,916 sq.ft.

1

Totals

7

2

 

6

 

15


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $103,700,000
Average Asking Price: $6,913,333
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 221

June Penthouse Statistics:
Number of Penthouse Contracts: 17 (Condos 13, Coops: 4)
Total June Penthouse Volume: $158,456,000
Number of Contracts by Area: Downtown: 7; East Side: 6; West Side: 4 sales
Average Asking Price: $9,320,941; Median Asking Price: $8,050,000
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 305
Penthouse Condo Average Price/Sq.ft.: $2,617
Penthouse Condo Average Size: 3,249 sq.ft.

TO VIEW June 27-July 3, 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/110902d2e545df.htm

TO VIEW June 27-July 3, 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/1109028306b631.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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