OLSHAN LUXURY MARKET REPORT

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September 12-September 18, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
September 12-18, 2011: 10 Contracts Signed

The market is registering typical September activity with 10 contracts signed above $4 Million. Condos outsold co-ops 8-2.

For the third week in a row, an apartment with several units combined took the No. 1 slot:
Penthouse ABD at 25 West Houston, asking $8.9 million. The condo with 4 bedrooms, 4,520 interior square feet, and 2 terraces started on the market in December 2009 asking $11.5 million. The unit has a 75-foot terrace off the living room with a hot tub and gas grill.

One final note: Nautica founder David Chu’s penthouse at 610 Park Avenue closed for $23,680,000, reduced from $34.8 million when it started on the market in February 2010. It is a condo triplex with 11 rooms, 5 bedrooms, and 5.5 bathrooms spanning 7,700 square feet that could use some updating. There is a roof top terrace with close to 1,450 square feet.
It represents the 16th sale over $20 million in 2011. By comparison, 24 properties closed in 2010 at $20 million and above.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 12-18, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

 

 

 

 

2

Condos

1

4

 

3

Avg. Price: $2,066/sq.ft.
Avg. Size : 2,962 sq.ft.

8

Condops *

 

 

 

 

0

Townhouses

 

 

 

 

Avg. Price:/sq.ft
Avg. Size: sq.ft

0

Totals

3

4

 

3

 

10


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $61,760,000
Average Asking Price: $6,176,000
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 230

TO VIEW September 12-18: 10 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/11111860afc6d8.htm

TO VIEW 610 Park Avenue Penthouse 16F:
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/111117373ee0df.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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