OLSHAN LUXURY MARKET REPORT

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August 15-21, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
August 15-21, 2011: 7 Contracts Signed

The 7 contracts signed last week matches the third week in August in 2010, an improvement over the 5 contracts that were signed in the same period in 2007 and 2008. The big news of the week: the sale of the 11th floor co-op at 927 Fifth Avenue, asking $31.5 million. In December 2010, this same apartment was purchased for $29.1 million by Will Zeckendorf, developer of 15 Central Park West, where he sold his own $40 million condo penthouse, the No.1 apartment sale of 2010.

The 11th floor at 927 Fifth Avenue has 14 rooms, 5 bedrooms, and 5.5 bathrooms, with 55' feet facing Central Park. It was previously owned by the late Bruce Wasserstein, Chairman and Chief Executive of Lazard Ltd.

Also, a $30 million unit closed on the 29th floor in The Ritz-Carlton Condo at 50 Central Park South . It has 4 bedrooms and 4 bathrooms, with 5,705 square feet and an unconventional U-shaped layout. It has been on and off the market since the end of 2008. The apartment has 4 terraces and spectacular views of Central Park from the living room, master bedroom, library, formal dining room and family room. It was sold by hedge funder Scott Bommer to a limited liability company represented by a Miami attorney. Mr. Bommer has been involved in his share of high-end Manhattan deals: in 2008, he bought a $46 million penthouse at 1060 Fifth Avenue and then sold it in the same year for $48,836,000

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 15-21, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

 

1

 

4

Avg. Price: $1,938/sq.ft.
Avg. Size : 2,533.ft.

5

Condops *

 

 

 

 

0

Townhouses

 

1

 

 

Avg. Price: $841/sq.ft.
Avg. Size: 6,300

1

Totals

1

2

 

4

 

7


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $61,535,000
Average Asking Price: $8,790,714
Median Asking Price: $5,450,000
Average Discount from Original Ask to Last Asking Price: 5.5%
Average Days on Market: 326

TO VIEW August 15-21, 2011: 6 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/111020ae429cab.htm

TO VIEW August 15-21: 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/111020b0d2424c.htm

TO VIEW $30 Million Closed Property at 50 Central Park South 29th Floor:
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/111020e1ba4e99.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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