OLSHAN LUXURY MARKET REPORT

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October 10-16, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
October 10-16, 2011: 8 Contracts Signed

There were 8 contracts signed last week including 5 townhouses/buildings.

The No. 1 sale of the week was a building asking $18 million at 177 Franklin Street. Incredibly, it just closed on June 9, 2011, for $9 million. You read that right! The building went back on the market two weeks later, June 23, asking $18 million after the new owner completed unfinished construction and cleared mechanic’s liens, according to The Real Deal. The building, which is 6-stories and has 12,100 square feet, was sold in June by a church, Glad Tidings Tabernacle, to a company affiliated with architect/ developer Michael Kirchmann, who quickly put the building back on the market and looks like he will make handsome profit.

The No.2 sale of the week was 1703-1705 Second Avenue, asking $9.5 million, a property that for almost 50 years housed the famous Elaine’s restaurant, owned by Elaine Kaufman, who passed away last December . The twin 25-foot wide buildings went on the market in May when the restaurant closed. Combined, the property has 14,850 square feet along Second Avenue between 88th & 89th Streets. There are 16 residential units above the restaurant.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 10-16, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

 

 

 

 

0

Condos

1

1

 

1

Avg. Price: $2,160/sq.ft.
Avg. Size : 3,178 sq.ft.

3

Condops *

 

 

 

 

 

0

Townhouses

2

 

 

3

Avg. Price: $1,156/sq.ft.
Avg. Size: 7,960 sq.ft.

5

Totals

3

1

 

4

 

8


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $66,600,000
Average Asking Price: $8,325,000
Median Asking Price: $7,300,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 198

TO VIEW October 10-16, 2011: 3 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/111215f07ca13f.htm

To VIEW October 10-16, 1011: 5 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/11121562a1fa52.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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