OLSHAN LUXURY MARKET REPORT

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August 1-7, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
August 1-7, 2011: 10 Contracts Signed

There were 10 contracts signed last week, which is a comparable first-week-in- August volume in every year going back to 2007.

The No. 1 contract was Apartment 3A at 1100 Park Avenue, a 9-room co-op asking $7,990,000. Though its co-op board prohibits financing, 1100 Park is considered one of the most desirable buildings in Carnegie Hill, whose apartments are noted for their gracious layouts and large rooms. The apartment has a side-by-side living room and dining room facing Park Avenue. There are 2 working fireplaces—one in the 32’ living room and another in the library. In addition, the unit has 3 bedrooms, 3 baths, and an eat-in kitchen. The monthly maintenance is $4,723, reasonable by Manhattan standards.

Last week, 3 townhouses sold –ranging from $4.1 to $4.35 million--continuing the trend that the summer townhouse sales have all been at lower price points. 5 of the 7 townhouses that have gone to contract since July 1 have been downtown, below $6.6 million, and averaging $1,907/square foot.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 1-7, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

 

 

 

5

Condos

 

1

 

1

Avg. Price: $2,367/sq.ft.
Avg. Size : 3,009 .ft.

2

Condops *

 

 

 

 

0

Townhouses

1

 

 

2

Avg. Price: $1,243/sq.ft.
Avg. Size: 3,390

3

Totals

4

3

 

3

 

10


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $56,175,000
Average Asking Price: $5,617,500
Median Asking Price: $4,997,500
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 146

TO VIEW August 1-7, 2011: 7 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/1110068763bdcd.htm

TO VIEW August 1-7: 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/1110063a286f72.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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