OLSHAN LUXURY MARKET REPORT

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July 4-10, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
July 4-10, 2011: 12 Contracts Signed

The luxury market is in the midst of a summer slow down, but get this: we’ve just completed the best first week in July since 2007. There were 12 contracts signed, with condos outselling coops 7-4. Three sales at the new 7-unit boutique condo 41 Bond Street means that the building almost sold out within a month (only the second floor remains). There was also one townhouse sale.

The No. 1 sale of the week is the second most expensive condo sold this year (the most expensive is a $48 million apartment sale in the Plaza). It was hardly noticed because it never reported a contract signed. Only the close was reported-- but the sales price has not yet been recorded publicly. The unit is at Time Warner Center, 80 Columbus Circle, apartment 76B, and was asking $38 million. It had been on the market for 17 months and the monthly common charges and real estate taxes exceed $20,000 per month. Apartment 76B is a spectacular unit with 4 bedrooms, 4.5 bath, and 4,822 interior square feet. The living room, 8’ x 64’ terrace, and master bedroom face Central Park. Two bedrooms and the dining room face west to the Hudson River. The unit was purchased in 2007 for $27 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 4-10, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

2

 

 

 

4

Condos

2

1

1

3

Avg. Price: $3,083/sq.ft.
Avg. Size : 3,563 sq.ft.

7

Condops *

 

 

 

 

0

Townhouses

 

1

 

 

Avg. Price: $622/sq.ft.
Avg. Size: 11,100 sq.ft.

1

Totals

4

4

1

3

 

12


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $109,395,000
Average Asking Price: $9,116,250
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 234

TO VIEW July 4-10, 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/1109092ac819ea.htm

TO VIEW July 4-10: 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/11090947beee1f.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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