OLSHAN LUXURY MARKET REPORT

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July 25-31, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
July 25-31, 2011: 12 Contracts Signed

There were 12 contracts signed—for a total of 41 contracts in July. That is comparable to the volume in 2008. Last week, condos outsold co-ops 10-1, and there was 1 townhouse sale. The only thing remarkable about July is it had 2 spectacular closings of apartments with terraces: a $30,550,000 condo at The Time Warner Center on the 76th floor with 4 bedrooms, 4,822 square feet , and a $26,750,000 penthouse duplex at 1020 Fifth, a co-op with 14 rooms, 5 bedrooms, and 5.5 bathrooms. It was reduced from $46.5 million when it started on the market in September 2008.

The No. 1 contract of the week was the 29th floor at 515 Park Avenue, asking $15 million. It has 3 bedrooms, a library, 3.5 baths, and 3,257 square feet. Most of the rooms have sweeping views of Central Park. It sold in 35 days and the asking price represents $4,605/square foot.

One townhouse sold in the Village, at 62 Bank Street, a 3-story, 2700 square foot house asking $6.5 million, reduced from $9 million when it came on the market on May 31. Only 4 townhouses went to contract in all of July, and each was below $7 million. Three out of 4 houses were in Greenwich Village . At first glance, the prices might seem low but the average house was small: 2,577 square feet, with high asking prices, averaging $2,448/square foot. Why so expensive? The explanation is simple: these are highly prized gems in prime Village locations.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 25-31, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

1

5

1

3

Avg. Price: $2,839/sq.ft.
Avg. Size : 3,085 .ft.

10

Condops *

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $2,407/sq.ft.
Avg. Size: 2,700

1

Totals

2

5

1

4

 

12


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $98,833,000
Average Asking Price: $8,236,083
Median Asking Price: $7,737,500
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 191

TO VIEW July 25-31, 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/11092946342da7.htm

TO VIEW July 25-31: 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/110929025ee9ca.htm

TO VIEW JULY CLOSED SALES AT TIME WARNER CENTER/80 COLUMBUS AND 1020 FIFTH:
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/110929701ccbc1.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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