OLSHAN LUXURY MARKET REPORT

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July 18-24, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
July 18-24, 2011: 10 Contracts Signed

We are still lingering in a summer slowdown with only 10 contracts signed. Last week's high 90s and 100-degree heat didn't help. Nevertheless, 3 of the 10 properties that went to contract last week were at asking prices above $10 million. So far in 2011, 63 properties have closed at $10 million and above: 24 coops, 21 condos, 16 townhouses, and 2 condops. The volume is basically the same as last year--but the prices are higher. The No. 1 sales this year are: $48 mil lion for a 12th floor, 6000 square foot condo at the Plaza, and $48 million for a 33' wide townhouse at 16 East 69th Street . (The top sales in 2010 were a $40 million penthouse at 15 Central Park West and $44 million for a townhouse at 1009 Fifth .)

One thing that has remained consistent since the Lehman crash is the popularity of 15 Central Park West, Time Warner Center, and Beacon Court. This past week, there were sales in all three buildings above this report's $4 million benchmark. What distinguishes these buildings? To begin, they are condos in excellent locations with views from many apartments. These buildings also are luxuriously appointed and have superb amenities. Thus far this year, 7 of the 63 residential properties that closed at prices of $10 million and above were in these 3 buildings.

Last week the No. 1 sale was apartment 3D at 15 Central Park West. This is a 3 bedroom, 3.5 bath unit, with 2,909 square feet. It went on the market in April for $20.5 million and was reduced in May to $16,750,000. The living room, master, and second bedroom face Central Park. The asking price represents $5,758/square foot, a healthy price for a low floor.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 18-24, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

 

1

 

 

4

Condos

 

2

1

2

Avg. Price: $3,576/sq.ft.
Avg. Size : 2,391sq.ft.

5

Condops *

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $1,953/sq.ft.
Avg. Size: 2,944

1

Totals

3

2

2

3

 

10


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $88,100,000
Average Asking Price: $8,810,000
Median Asking Price: $6,775,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 145

TO VIEW July 18-24, 2011: 9 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/1109229fd49623.htm

TO VIEW July 18-24: 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/11092236ac5f7e.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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