OLSHAN LUXURY MARKET REPORT

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November 7-14, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
November 7-14, 2011: 14 Contracts Signed

Fourteen contracts were signed last week, the fourth straight week of solid sales, perhaps helped by the stock market and the trend that has buyers moving into hard assets like real estate and art. The No.1 sale was apartment 6AC/5C at 1172 Park Avenue, asking $11,995,000. This is a meticulous renovation of 3 apartments that were put together to create a 14-room duplex with 6 bedrooms and 5.5 bathrooms. It took less than a month to sell.

It was also a remarkable week when you take into consideration the following new listings:
An $88 million penthouse at 15 Central Park West and a $60 million property at 740 Park Avenue for two apartments that will be combined. The penthouse at 15 CPW has 10 rooms, 6,744 square feet, and a 2,077 square foot wraparound terrace. It is owned by Sandy Weill, the former chairman of Citigroup. The two units at 740 Park are on the 12th and 13th floors and total 30 rooms, 10 bathrooms, and 6 terraces. It is owned by Courtney Sale Ross, the widow of Steve Ross, the late chairman and CEO of Time Warner.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 7-14, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

 

 

 

6

Condos

2

 

1

5

Avg. Price: $2,317 sq.ft.
Avg. Size : 2,962 sq.ft.

8

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

 

 

0

Totals

7

1

1

5

 

14


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $99,990,750
Average Asking Price: $7,142,196
Median Asking Price: $6,372,500
Average Discount from Original Ask to Last Asking Price: 2%
Average Days on Market: 229

TO VIEW November 7-13, 2011: 14 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/12011365f28c9e.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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