OLSHAN LUXURY MARKET REPORT

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October 3-9, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
October 3-9, 2011: 9 Contracts Signed

There were 9 contracts signed last week including 4 townhouses. Three of the four houses were on the Upper East Side. This was the strongest week for townhouses since the middle of May.

The No. 1 sale of the week was a townhouse at 54 East 64th Street, asking $25 million. This is a commercially-zoned property that started on the market in September 2008 for $36 million. The townhouse has 12,551 square feet with 17 rooms, 8 bedrooms, 9 fireplaces, and 4 bathrooms. Some of the bedrooms are used as offices, and the formal dining room is set up as a conference room.

So far this year, 5 other trophy townhouses have closed above $20 million. All have been between 64th and 75th Streets west of Lexington Avenue. The average width on these properties was 31 feet with an average size of 12,209 square feet, and an average price of $2,646 per square foot.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 3-9, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

 

1

 

2

Avg. Price: $2,529/sq.ft.
Avg. Size : 2,570 sq.ft.

3

Condops *

1

 

 

 

Avg.Price: $1,480/sq.ft.
Avg. Size: 2,952 sq.ft.

1

Townhouses

3

 

 

1

Avg. Price: $2,039/sq.ft.
Avg. Size: 5,842 sq.ft.

4

Totals

5

1

 

3

 

9


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $77,120,000
Average Asking Price: $8,568,889
Median Asking Price: $5,600,000
Average Discount from Original Ask to Last Asking Price: 19%
Average Days on Market: 419

TO VIEW October 3-9, 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/111209a08bf7b3.htm

To VIEW October 3-9, 1011: 4 CONTRACTS 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/1112098e2e959a.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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