OLSHAN LUXURY MARKET REPORT

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October 31-November 6, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
October 31-November 6, 2011: 15 Contracts Signed

Fifteen contracts were signed last week, the third straight week of healthy sales. It was the best stretch since June, even though half of the units sold below $5 million.

The No. 1 contract was reported in the NY Post but not listed in the brokers’ databases, so it cannot be confirmed: a 17th floor apartment at 740 Park Avenue, asking $27 million for 10 rooms. The reported buyer was William Zeckendorf, who has had quite a run in the luxury market. Zeckendorf was the developer of 15 Central Park West, the most expensive condo in New York and the home of his penthouse that he sold for $40 million last year. He then bought the 11th floor at 927 Fifth Avenue for $29.1 million and sold it 9 months later for $34.6 million. 740 Park is one of the all-time status buildings and was chronicled in a book by Michael Gross. It was the childhood residence of Jacqueline Kennedy Onassis; current residents include David Koch, Ron Lauder, Vera Wang, and Blackstone CEO Stephen Schwarzman.

The top confirmed sale of the week was Apartment 10BC, asking $8.6 million, in the new Laureate Condominium at 2150 Broadway. The unit has 6 bedrooms, 6 bathrooms, and 4,221 square feet.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 31-November 6, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

1

 

 

 

7

Condos

1

2

 

3

Avg. Price: $2,257/sq.ft.
Avg. Size: 2,458 sq.ft.

6

Condops *

1

 

 

 

Avg. Price: $1,440/sq.ft.
Avg. Size: 2,952 sq.ft.

1

Townhouses

 

 

 

1

Avg. Price: $2,022/sq.ft.
Avg. Size: 2,448 sq.ft.

1

Totals

8

3

 

4

 

15


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $104,648,000
Average Asking Price: $6,976,533
Median Asking Price: $4,950,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 159

TO VIEW October 24-30, 2011: 13 CONTRACTS SIGNED ON APARTMENTS (excluding 740 Park):
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/120105bdfdc18a.htm

To VIEW October 24-30, 1011: 1 CONTRACT ON 1 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/120105ffee0a86.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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