OLSHAN LUXURY MARKET REPORT

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November 14-20, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
November 14-20, 2011: 13 Contracts Signed

Thirteen contracts were signed last week, making it the 5th straight week of solid sales, with the properties selling in 157 days on average. Two of the sales were in the new condo at 130 West 12th Street, which officially hit the market about a week ago. This is a renovated prewar building, developed by the Rudin Family as part of their purchase of the former St. Vincent’s Hospital. It is the hot new downtown condo, primarily because of its West Village location, and its inventory of large units that are rare in the Village. The two sold units were 4 and 5 bedrooms, averaging $2,122/square feet.

The No.1 sale of the week represented the most expensive townhouse ever sold on the Upper West Side: 247 Central Park West, asking $25 million, reduced from $32 million when first listed in April 2010. The house is 22’ wide with a 60’ lap pool in the basement. It also has 5 bedrooms, 2 powder rooms, a master suite on its own floor with a terrace and roof garden. The house including basement and terrace areas totals approximately 12,270 square feet. It was purchased for $15.5 million in 2006 by Keith Monda, a former president of luxury goods company Coach. The townhouse next door at 249 Central Park West is 25’ wide and 10,000 square feet—and is listed for $30 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 14-20, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

1

 

 

 

6

Condos

 

1

 

4

Avg. Price: $2,328/sq.ft.
Avg. Size : 2,802 sq.ft.

5

Condops *

 

 

 

 

 

0

Townhouses

 

1

 

1

Avg. Price: 1,890/sq.ft.
Avg. Size: 8,335 sq.ft.

2

Totals

5

3

 

5

 

13


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $100,765,000
Average Asking Price: $7,751,154
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 157

TO VIEW November 14-20, 2011: 11 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/1201200c5ee7c7.htm

TO VIEW November 14-20, 2011: 2 CONTRACTS SIGNED 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/1201204adfb3db.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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