OLSHAN LUXURY MARKET REPORT

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August 22-28, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
August 22-28, 2011: 7 Contracts Signed

Nothing could stop the luxury march of Manhattan real estate—not even an earthquake combined with the threat and arrival of a hurricane of historic proportions. (I even got a call from an out of town buyer after the subways and buses were shut down on Saturday at noon who wanted to see a $7.25 million Fifth Avenue condo. I told him to wait until after the storm.)

There were 7 contracts signed last week and 3 were at asking prices north of $10 million.

The No. 1 sale was at 15 Central Park West, apartment 28D, asking $25 million for a 3 bedroom condo which included a library, 4 baths, and 3,173 square feet. The apartment has 11' ceilings, and the living room and library have direct views of Central Park.

A contract was also signed on a townhouse asking $16 million at 137 West 74th Street. It is 22' wide with 9000 square feet in mint condition. It is the most expensive house to sell on the Upper West Side in 2011. The house has an elevator, pool, 7 bedrooms, 8 baths, 7 fireplaces, and a gym. So far this year, 25 townhouses in Manhattan have either closed or gone to contract at prices of $10 million or more. This is running ahead of 2010 results when 27 closed.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 22-28, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

1

 

 

2

Condos

 

2

 

1

Avg. Price: $4,710 sq.ft.
Avg. Size : 2,604 sq.ft.

3

Condops *

 

 

 

 

0

Townhouses

1

1

 

 

Avg. Price: $1,693/sq.ft.
Avg. Size: 6,260 sq.ft.

2

Totals

2

3

1

1

 

7


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $73,345,000
Average Asking Price: $10,477,857
Median Asking Price: $6,795,000
Average Discount from Original Ask to Last Asking Price: <1%
Average Days on Market: 219

TO VIEW August 22-28, 2011: 5 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/11102631e4c992.htm

TO VIEW August 22-28: 2 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/1110288659912e.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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